Monday, November 28, 2022

Kazakhstan to Introduce 5 New Crypto Bills

Kazakhstan is currently working on some crypto bills as the government continues to formulate policies to regulate its crypto industry. 

Kazakhstan to License Crypto Mining

On Wednesday, the Mazhilis (lower house) of the parliament of the Republic of Kazakhstan approved about five new crypto bills. The report was first shared on the legislature’s website.

Meanwhile, the bills were originally developed in consistency with previous instructions from President Kassym-Jomart Tokayev regarding crypto mining. And that might be understandable.

Kazakhstan has had to deal with serious energy shortages following the influx of crypto miners looking for cheap energy. For what it’s worth though, Kazakhstan is an energy-rich country. At least, it used to be. But its energy struggles soon began after China banned energy-intensive crypto mining within its shores.

But, according to Ekaterina Smyshlyaeva, member of the Mazhilis Committee on Economic Reform and Regional Development, there might be more to the bill than just the mining part. She said:

“The purpose of the bills is also to create a legislative framework for the production and circulation of secured and unsecured digital assets”

It is worth mentioning that laws around crypto mining in Kazakhstan are getting increasingly tougher. In May, the government laid out strict requirements that crypto miners must meet to be licensed to carry out mining activities. By July, Tokayev also approved increased levies on miners, making life more difficult for them.

Overall, Kazakhstan is making it a point to regulate its crypto-mining space at all costs. In fact, the country’s intent is evident in the speed at which the crypto bills are moving forward. This is considering that some of the drafts were just introduced, as recently as in late September.

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