Kazakhstan has passed a tax and license-focused bill that tightens crypto mining.
In mid-2022, the Kazakhstan regulator gave the green light for banks to offer services such as bank accounts to licensed crypto exchanges. He later introduced new tax rules on crypto mining, where he occupied an important position. New regulations are being introduced in Kazakhstan, which has come to the fore with the legalization of cryptocurrencies. The most prominent situation is crypto mining.
New Regulation for Crypto Mining from Kazakhstan
Leaving Russia behind in Bitcoin mining, Kazakhstan continues its efforts to maintain and develop its position.
Details of the new regulations approved by Majilis, the lower house of the Kazakhstan Parliament, were shared. The bill consists of a new electricity purchase plan for mining equipment, as well as updated licensing and taxation plans.
According to the new approved rules, miners will be able to purchase electricity from the public grid only if there is surplus, and only through KOREM (Kazakhstan Electricity and Energy Market Operator), which operates as a stock exchange platform.
Miners are required to participate in auctions and only the highest bidder wins. In addition, two separate license types will now be applied; the first will be required for miners with their own equipment, and the second for those who lend the equipment.
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