Kazakhstan will tighten regulation of cryptocurrency mining

  • Ultramining.com
  • 13:32 Dec 20, 2022
Kazakhstan will tighten regulation of cryptocurrency mining

The draft law "On the regulation of digital assets in Kazakhstan" contains several rules that can complicate the work of miners in Kazakhstan. 

In particular, the document provides for the corporate tax introduction on cryptocurrency mining, as well as the possibility of limiting the electricity consumption by miners. 

The law, adopted earlier by the lower chamber, has now been sent to the Senate for a vote. If the Senate approves the document, the president will sign it. However, if amendments are necessary, the bill will be sent back for revision. 

Note, that active measures to regulate the mining sphere in the country have been conducted only in recent months. However, there have been allegations of a shortage of electricity since 2021, when many miners from China migrated to Kazakhstan. It led to the destruction of the power grid, which could not withstand the heavy loads. The situation was also complicated by the need to import electricity from Russia, whereas previously Kazakhstan was an exporter. 

At the beginning of the year, the operator KEGOC decided to cut off electricity supplies for mining for several months. At the same time, the campaign started to combat the illegal mining of cryptocurrencies. 


Share to:
Related news