The “On Digital Assets of the Republic of Kazakhstan” crypto assets bill and other bills that regulate crypto mining in Kazakhstan have been passed by Kazakhstan’s lawmakers.
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The new rules say that miners can only buy extra electricity from the public grid, that crypto transactions can’t be advertised, and that there are new tax rules for crypto.
Kazakhstan goes from making crypto regulations easier to making them stricter.
Kazakhstan’s lower house of parliament, the Majilis, has passed a number of bills related to cryptocurrencies, such as “On Digital Assets of the Republic of Kazakhstan” and four bills to regulate cryptocurrency mining in Kazakhstan.
Miners can only buy electricity from the common power grid if there is more than enough. Miners can only buy through the KOREM exchange, which is run by the Kazakhstan Electricity and Power Market Operator. It’s a bidding war for electricity, and the highest bidder wins.
Also, it is suggested that there be two types of mining licences. The first group is made up of digital miners who own the infrastructure, such as data processing centres with the right equipment, location, and security. The second group is digital miners who rent space in data processing centres but don’t ask for a certain amount of energy.
A member of the Majilis Committee on Economic Reform and Regional Development, Ekaterina Smyshlyaeva, said:
In addition to making accreditation mandatory, the bill sets new rules for mining pools about where their servers must be located in Kazakhstan and how they must follow information security rules.
Source: Google Trend