Kazakhstan approved in the first reading a bill on the legalization of mining

Kazakhstan approved in the first reading a bill on the legalization of mining

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The document will create a legal framework for the production and circulation of digital assets

Kazakhstan approved in the first reading a bill on the legalization of mining
The document will create a legal framework for the production and circulation of digital assets

The lower chamber of Kazakhstan's parliament (Majilis) approved in the first reading draft laws on the regulation of cryptocurrencies. The documents are aimed at creating a legislative framework for the production and circulation of secured and unsecured digital assets.

Deputies developed a sectoral bill on digital assets and four related documents on behalf of the head of state. Ekaterina Smyshlyaeva, a member of the Mazhilis Committee on Economic Reform and Regional Development, explained that it is supposed to introduce legal mechanisms for the consumption of electricity in the field of mining, and the Ministry of Energy will quota the volumes depending on the balance of the system.

"Also, the bills allow opening additional opportunities to attract investment for the construction of new generation on deposits and renewable energy sources," Smyshlyaeva added.

According to her, Kazakhstan has been used as a "raw appendage of the blockchain industry." Now miners are obliged to be licensed in the country, that is, to create legal entities and become full-fledged subjects of taxation.

"The bills link mining and circulation of digital assets into one ecosystem. At the same time the activities of miners and mining pools will be regulated and licensed by the Ministry of Digital Development, Innovation and Aerospace Industry," - said the deputy.

A new financial institution will appear in the country - Kazakh crypto-exchanges. They will be supported by obligation of miners to exchange up to 75% of their capital on such platforms starting from 2024. Among other things, the remuneration of miners will be charged to the national budget corporate income tax, tax on income of the mining pool and fees from transactions on crypto exchanges.

At the end of September, the first legal digital currency purchase transaction was conducted by Eurasian Bank and Intebix, a Kazakh cryptocurrency exchange. In addition to demonstrating the process of buying cryptocurrency for tenge, Eurasian Bank announced plans to issue cryptocurrency in Kazakhstan by the end of the year.

Kazakhstanis will be able to pay with this card in stores, with transactions to be conducted in tenge from the account linked to the customer's account on the Intebix cryptocurrency exchange. Currently, Eurasian Bank has developed a procedure for issuing the card and is working with the National Bank of Kazakhstan on issues of emerging risks.

In June the chairman of the National Bank of Kazakhstan Mr. Galymzhan Pirmatov said that the regulator is interested in cryptocurrency industry technologies. The head of the National Bank said that the organization's employees are very active in this

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