Kazakhstan's government has taken on the task of regulating mining in its territory


13:10 Sep 30, 2022

Kazakhstan's government has taken on the task of regulating mining in its territory

Deputies of the lower house of parliament (Majalis) of Kazakhstan provided a draft law that will determine the regulations of virtual coin mining in this Central Asian country.

Based on the provisions of this document, the residents of the MFCA (Astana International Financial Center) and some legal entities can officially engage in mining. In the latter case, it is necessary to confirm their cooperation with data centers that have a license. For this purpose an ordinary contract will do.

So far, people who are planning to mine crypto-assets notify about their activities voluntarily. But the validity of this privilege may be coming to an end. If the Bill we're talking about enters into force.

Ekaterina Smyshlyaeva, deputy of Majilis of the Parliament, complained that the State Register has information only about one third of all mining companies operating on the territory of Kazakhstan.

According to the politician, uncontrolled use of electricity jeopardizes the energy security of Kazakhstan.

At the same time, an adequate controlling body will allow channeling mining in a direction favorable for the country's economic development. In turn, the government of Kazakhstan will do everything possible to support people who are engaged in mining of virtual coins.

Thus, mining has brought $1.5 million to the state budget in the first quarter of this year.

Legal regulation of mining is an important stage in economic growth of any country. Supporting crypto-assets mining remains a lucrative trend that many governments are beginning to pursue. And this trend is only gaining momentum.

The news was prepared by Ilya Zhartun.

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