Kazakh authorities introduce the mandatory sale of crypto-assets for miners

President of Kazakhstan Kassym-Zhomart Tokayev signed several legislative acts, according to which the country will introduce the mandatory sale of cryptocurrency assets for miners. 

The volume of sales will be 75% of the mined cryptocurrency. It will be possible to work with pools, which will be approved by the government. Miners will be able to sell assets on exchanges registered in IFC Astana, located in the special economic zone. These rules will take effect on January 1, 2024, and are currently limited to 12 months. 

The authorities believe that such an order of work will significantly limit the possibility of tax evasion, as well as the organization of illegal mining of cryptocurrencies or the illegal issue of digital assets. 

Recall that Kazakhstan has become one of the most popular countries among miners after their relocation from China as a result of pressure from the authorities. The proliferation of illegal cryptocurrency mining has caused difficulties in the country’s energy system and led to the state being forced to take measures to regulate the industry. 

A bill concerning cryptocurrency mining regulations has been under consideration at various levels for several months.