Kazakhstan has enacted its first industry bill on digital mining and cryptocurrencies

2022-09-29 16:27
According to BlockBeats, on September 29, Kazakhstan's Margillis (lower house of Parliament) formulated the country's first industrial bill in the field of digital law under the legislative initiative. The Act legally regulates digital mining in Kazakhstan. The lawmakers pointed out that the legalization of digital mining and the lack of further regulation of cryptocurrency producers have directly led to a degree of uncontrolled development of the energy consumption sector in Kazakhstan. Lawmakers stressed that the unregulated use of energy by "gray" digital mining companies has directly led to a shortage of domestic power resources and seriously affected the country's energy security. The lawmakers also noted that the legitimate cryptocurrency mining industry is considered a large investment industry in Kazakhstan, which can provide stable tax revenue and contribute to the development of the domestic IT industry. Under current legislation, Kazakhstan bans the circulation of unsecured digital assets, known as cryptocurrencies, according to lawmakers. All operations involving cryptocurrencies, including mining and crypto exchange operations within the framework of the initial project, are conducted only in IFC.
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