Kazakhstan approved the regulation of cryptocurrencies and mining in the first reading

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On October 12, the Mazhilis of Kazakhstan (lower house of parliament) approved in the first reading five bills regulating the issue and circulation of cryptocurrencies in the country. This is reported by TASS.

Deputies prepared the industry bill on digital assets of the Republic of Kazakhstan and four related regulatory acts.

All trade operations with cryptocurrency are supposed to be carried out on the basis of the Astana International Financial Center in order to avoid risks for the financial system.

“Cryptocurrency in Kazakhstan is not a payment means, and its circulation is prohibited in the country. A new financial institution is developing in the created ecosystem – Kazakhstan Crypto -Railways, ”said Ekaterina Smyslayaeva, a member of the Committee on Economic Reform and Regional Development of Mazhilis.

According to the unofficial data presented by it, more than 1 million inhabitants of Kazakhstan are registered on international bitcoin turbans. At the same time, according to her, citizens resort to the services of black exchangers.

“Translating all operations with cryptocurrency to Kazakhstan exchanges, we make them transparent. Cryptoists are subjects of financial monitoring and, according to the project, will be integrated with the information systems of the Committee of State Revenues, ”Smyslyaeva emphasized.

Cryptocurrency mining activities will be regulated and licensed by the Ministry of Digital Development, Innovation and Aerospace Industry. At the same time, starting in 2024, miners will be obliged to exchange up to 75% of their capital on local trading platforms to maintain their activities.

“The bills we oblige miners to license in Kazakhstan, create legal entities and become full -fledged subjects of taxation. Mining-pools are part of the economy, ”said the deputy.

A register of mining equipment is created to suppress illegal data centers. The bills also introduce control over the energy consumption of mining, and the Ministry of Energy receives competencies in quota of electricity, depending on the balance of the system.

“This opens up additional opportunities to attract investments for the construction of new generations in deposits and renewable energy sources,” said Mazhilis Committee, a member of the Mazhilis Committee.

In addition to existing taxes on the additional value when importing equipment and a digital mining on kilowatts, it is planned to levy corporate income tax from the remuneration of miners, tax on mining pool and percentage from crypto-rhinomas transactions.

According to Simvlyaeva, the new rules will allow “reorient the interest of investors from the raw materials potential to the turnover of mining products”.

Among other things, the bills prescribe the regulation of the market of secured digital assets considered as a digital analogue of securities.

Work on regulatory documents will continue in the profile committee of the Mazhilis.

Recall that in January, the Kazakhstani electric networks management company turned off the energy supply mining-farm. Since then, the restriction has repeatedly extended.

Earlier, FORKLOG said that the Government of the Russian Federation is discussing the supply of electricity to Kazakhstan for the needs of mining companies. Corresponding amendments will be made to the current agreement on parallel operation of the energy systems of the two countries.

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