Following the changes, crypto miners and mining pools will be monitored by the Ministry of Digital Development, Innovation, and Aerospace Industry.
The lower house of Kazakhstan’s parliament – Mazhilis – reportedly greenlighted new bills that aim to establish appropriate rules in the local crypto sector.
Ekaterina Smyshlyaeva – a member of the Committee on Economic Reform and Regional Development – explained that the legislation will oblige crypto miners to receive authorization from the relevant financial regulators, create legal entities, and become “full-fledged subjects of taxation.”“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,” she added.
“By transferring all cryptocurrency transactions to Kazakhstani exchanges, we make them transparent. Crypto exchanges are subjects of financial monitoring and, according to the project, and will be integrated with the information systems of the State Revenue Committee. According to estimations, over a million residents of the Central Asian country deal with digital assets on international exchanges. The ruling body plans to bring them all to local trading venues.Several months back, the President of Kazakhstan – Kassym-Jomart Tokayev –a bill requiring domestic cryptocurrency miners to pay higher tax rates than other consumers. The exact percentage depends on the average price of electricity used when mining digital assets.
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