Nur-Sultan legislators approved the final version of the law “On digital assets in the Republic of Kazakhstan”. The new legislation, which includes several other bills, regulates the circulation of cryptocurrencies in the country and introduces a licensing regime for cryptominers and exchanges.
The Senate votes on the crypto law and sends it to the president of Kazakhstan
Kazakhstan’s Senate has adopted a bill designed to regulate cryptocurrency 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 considered the comprehensive package in early January and decided to propose certain amendments to Mazhilis, who had already approved his version of the legislation. However, President Kassym-Jomart Tokayev dissolved the lower house on January 19 and called early elections.
Until a new Mazhilis is elected, the Senate has all legislative powers, explained Senator Bekbolat Orynbekov, quoted by the Zakon.kz news portal. The digital assets law and related laws constitute a unique set of laws that will enable the head of state of Kazakhstan to fulfill his regulatory duties regarding the mining of digital currencies and their circulation.
Tokayev has yet to sign the law and any other necessary changes introduced by the senators, including amendments to Kazakhstan’s laws on taxes and other payments to the budget, judicial administration and administrative offences.
A key goal for the government is to regulate the activities of companies that mint digital currencies in the country. Kazakhstan became a crypto mining hotspot following China’s crackdown on the industry. The influx of miners has been blamed for its growing electricity deficit.
The recently adopted legislation creates a legal framework for the sector and legalizes the digital asset market by implementing licenses for both miners and crypto exchanges. The authorities also hope that it will attract more foreign investment and increase the revenue of the state budget.
The new rules come after registered crypto miners began paying a higher surcharge for the electricity they use on January 1 under a law signed by President Tokayev in July 2022. Along with his regulatory efforts, Kazakhstan it has been going after underground mining farms and illegal trading platforms. .
Do you think Kazakhstan will be an attractive destination for crypto companies after the new legislation comes into force? Share your expectations in the comments section below.
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