Kazakhstan has developed a bill to regulate the mining of cryptocurrencies

The Parliament of Kazakhstan intends to determine who can engage in mining digital assets.
As it became known, in the Parliament of Kazakhstan developed a bill “On digital assets in the Republic of Kazakhstan,” according to which it is proposed to allow the mining of cryptocurrencies only those who are residents of the International Financial Center “Astana” (MFCA), as well as those foreign legal entities that have contracts with licensed data centers.
Currently, there is a rule of voluntary notification to the authorities of Kazakhstan by miners of their activities, which is determined by the order of the local Ministry of Digital Development. According to estimates voiced in the Parliament of Kazakhstan, under such a procedure, only about one-third of the miners actually working in the country were registered.
Mining activities in Kazakhstan are taxable, resulting in transfers to the budget from the mining business in January-March of this year amounted to 625 million tenge (about 1.5 million in U.S. dollar equivalent).
The bill also postulates the division of digital assets into two types – secured, that is, those behind which there is some property: in this case we are talking about tokens as digital evidence of property rights. There are also unsecured digital assets, which are mined using mining. From the legal point of view, the circulation of unsecured digital assets can be carried out only through MFCA, but even in this case, the law on MFCA does not yet have such a provision.
Presented bill suggests that the introduction of energy quotas for miners, which will be controlled by the Ministry of Energy, as well as the rules of licensing of such activities – this area of regulation in terms of its implementation will be controlled by the Ministry of Digital Development and the MFCA.

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