Kazakhstan Continues Bitcoin Mining Regulation – Bitcoin Magazine



Kazakhstan is moving forward with regulation that will further stifle its bitcoin mining industry.

The country’s federal parliamentary body has completed secondary approval of a bill “On Digital Assets in the Republic of Kazakhstan.” With a third approval, the legislation will introduce new licensing requirements for bitcoin miners based on their facility ownership and operational structure. It would also require that miners purchase their electricity from the energy provider Korem at market rates.

Previously, specific reporting and tax requirements were implemented, including registration of names, locations and quarterly reports to the government. These occurred as a result of the major influx of mining amidst energy shortages and protests, all while bitcoin miners fled China as a response to the government’s banning of bitcoin.

Kazakhstan’s close proximity to China and previously highly favorable energy access led to the large amounts of hash rate migrating to the country. Afterwards, Kazakhstan went as far as seizing up to $200 million in mining equipment who did not comply with regulation, and the country continues to try and absorb the benefits of the influx in bitcoin mining using legislation like this most recently approved bill.

Bitcoin Magazine previously reported on regulation in Kazakhstan, citing a report from the Russian media outlet Tass. In the report, Ekaterina Smyshlyaeva, a member of the Committee on Economic Reform and Regional Development of the Majilis (Kazakhstan’s federal parliamentary body) detailed the government’s intentions, describing how, “Kazakhstan was used as a raw material appendage of the blockchain industry. [Through] bills, we oblige miners to license in Kazakhstan, that is, to create legal entities and become full-fledged subjects of taxation.” 


#Kazakhstan #Continues #Bitcoin #Mining #Regulation #Bitcoin #Magazine

mrB

Related Posts

North Korea stole more crypto in 2022 than any other year: UN report

A confidential United Nations report has revealed North Korean hackers stole more crypto assets in 2022 than in any other year so far. The UN report, seen…

UK’s digital pound would modernize payments but won’t replace cash: Minister

The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could “provide a new way to pay” without necessarily…

Yuga Labs settles lawsuit with developer involved in copycat BAYCs

The creator of the nonfungible token (NFT) collection Bored Ape Yacht Club has settled a lawsuit with one of the developers behind a copycat collection known as…

Australia and the UK share their big picture of crypto: Law Decoded, Jan. 31–Feb. 6

While the British Treasury emphasizes the liberal approach, Australia goes with the profound taxonomy of all the crypto assets. #Australia #share #big #picture #crypto #Law #Decoded #Jan…

Digital bank Revolut launches crypto staking for UK and EEA customers: Report

United Kingdom-based neo-banking platform Revolut, which boasts 25 million customers globally, has introduced crypto staking to its U.K. and European Economic Area (EEA) customers.  According to a…

‘Haunts me to this day’ — Crypto project hacked for $4M in a hotel lobby

The co-founder of Web3 metaverse game engine “Webaverse” has revealed they were victims of a $4 million crypto hack after meeting with scammers posing as investors in…

Leave a Reply

Your email address will not be published. Required fields are marked *