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Sandeep Kumar Mishra
Feb 11, 2023

Kazakhstan to Introduce New Crypto Regulations Against Unlawful Mining Operations

Kazakhstan Crypto Regulations
Kazakhstan has announced plans to introduce new crypto regulations aimed at countering unlawful mining operations and the issuance of crypto assets. The central Asian country is one of the biggest mining hubs in the world.

Kazakhstan New Crypto Regulations Mandate 75% Revenue Sale From Crypto Mining

A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct legislations, the first requires the secured digital assets issuers to have the government’s permission.

The second legislation targets unsecured digital assets, typically earned through crypto mining operations. To reduce the possibility of tax evasion, crypto miners in Kazakhstan will require selling at least 75% of their revenue via registered crypto exchanges. This rule, which aims to collect “information on the income of digital miners and digital mining pools for tax purposes,” will be effective from January 1, 2024, to January 1, 2025.

Mining Licenses in Kazakhstan

All crypto mining licenses in Kazakhstan are issued for a limited period of three years — which differs based on whether or not the miner owns the mining facilities.

Alongside introducing the above laws, Kazakhstan launched the pilot of its central bank digital currency (CBDC) project — the “digital tenge.”

Previously, in Oct. 2022, Kazakhstan’s Astana Financial Services Authority (ASFA) granted Binance a permanent license to manage a digital asset platform and provide custody services.

Kazakhstan to Introduce New Crypto Regulations Against Unlawful Mining Operations
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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