Kazakhstan’s Parliament passes legislation governing cryptocurrency exchange and mining

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The final version of Kazakhstan’s law “On Digital Assets” has been passed by lawmakers in Nur-Sultan. The new legislation, which includes several other acts, governs the use of cryptocurrencies in the nation and establishes a licensing system for exchangers and miners of cryptocurrencies.

The Senate approves the crypto law and transmits it to the Kazakh president

A law to control cryptocurrencies and related activities in Kazakhstan has been approved by the Senate of the Central Asian country.

 The country’s cryptocurrency ecosystem can be established thanks to the new law “On Digital Assets in the Republic of Kazakhstan” and other legal documents, according to local media.

Prior to the end of January, members of the upper house of parliament deliberated the entire package and made the decision to suggest a few changes to the Mazhilis, which had already passed its version of the legislation.

 But on January 19, Lower House Speaker Kassym-Jomart Tokayev dissolved it and announced early elections.

According to Senator Bekbolat Orynbekov, who was quoted by the Zakon.kz news portal, the Senate has complete legislative authority up until the election of a new Mazhilis. A single set of legislation, the digital assets law and related acts, will enable Kazakhstan’s head of state to carry out his regulatory responsibilities with regard to the creation of digital currencies and their use.

The law and other essential revisions made by the senators, such as those to Kazakhstan’s laws on administration of justice, administrative offenses, and taxes and other payments to the budget, have not yet been signed by Tokayev.

Regulating the actions of businesses in the nation that are minting digital currency is one of the government’s main objectives. Following China’s crackdown on the sector, Kazakhstan became a hotbed for cryptocurrency mining. Its expanding electricity shortage has been attributed to the inflow of miners.

Through the implementation of licensing for both miners and crypto exchanges, the recently passed legislation establishes a legal framework for the industry and legalizes the market for digital assets. Additionally, the government anticipates that it would boost state budget income and draw in additional foreign investments.

The new regulations follow a July 2022 decree issued by President Tokayev that required registered crypto miners to pay a higher fee for the electricity they use beginning on January 1. Kazakhstan has been pursuing underground mining farms and illegal trade networks in addition to its regulatory initiatives.

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