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Nur-Sultan lawmakers approved the final version of the law on digital assets in the Republic of Kazakhstan. The new legislation, including several other bills, regulates the circulation of cryptocurrencies in the country and introduces a licensing regime for crypto miners and exchanges.
Senate votes on cryptography law and sends it to the President of Kazakhstan
The Senate of Kazakhstan has passed a bill to regulate cryptocurrencies and related activities in the Central Asian nation. Along with additional legal documents, the new law on digital assets in the Republic of Kazakhstan creates the conditions for establishing a crypto ecosystem in the country, local media reported.
Members of the upper house of parliament reviewed the full package earlier in January and decided to propose some amendments to the Mazhilis, which had already approved its version of the legislation. However, President Kassym-Jomart Tokayev dissolved the lower house on January 19 and called a snap election.
Until a new Mazhilis is elected, the Senate has all legislative powers, explained Senator Bekbolat Orynbekov, quoted by the news portal Zakon.kz. The Law on Digital Assets and related acts constitute a unique set of laws that will enable the Head of State of Kazakhstan to fulfill his regulatory obligations regarding the mining of digital currencies and their circulation.
Tokayev has yet to sign the law and other necessary changes introduced by the senators, including amendments to the laws of Kazakhstan on taxes and other payments to the budget, judicial administration and administrative offenses.
One of the main goals of the government is to regulate the activities of companies that mint digital currencies in the country. Kazakhstan has emerged as a crypto-mining hotspot following a Chinese crackdown on the industry. The influx of miners has been blamed for its growing electricity deficit.
The recently passed legislation creates a legal framework for the industry and legalizes the digital asset market by implementing licenses for miners and crypto exchanges. The authorities also hope that it will attract more foreign investment and increase state budget revenue.
The new rules come after registered crypto miners started paying a higher surcharge on Jan. 1 for the electricity they use under a law President Tokayev signed in July 2022. Along with his efforts regulation, Kazakhstan has cracked down on underground mining farms and illegal trading platforms. .
Tags in this story Crypto, crypto exchange, crypto miners, crypto mining, crypto trading, Cryptocurrencies, Cryptocurrency, Digital Assets, Exchange, Exchanges, Kazakhstan, Law, Laws, legal framework, Legislation, Mazhilis , Miners, Mining, President, Rules, Rules, Senate
Do you think Kazakhstan will be an attractive destination for crypto businesses after the new legislation takes effect? Share your expectations in the comments section below.
Lubomir Tassev
Image credits: Shutterstock, Pixabay, Wiki Commons
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