Nur-Sultan lawmakers pass the final version of the “On Digital Assets in the Republic of Kazakhstan” law. The legislation, which includes multiple bills, governs the use of cryptocurrencies in Kazakhstan and establishes a licensing system for crypto miners and exchanges.
Senate Votes on Crypto Law, Sends It to President of Kazakhstan
Kazakhstan’s Senate approves legislation to regulate cryptocurrency and related activities. The new law “On Digital Assets in the Republic of Kazakhstan”, along with supplementary legal documents, lays the foundation for a thriving crypto ecosystem in the country, according to local reports.
Upper house members reviewed the comprehensive crypto package in January and proposed amendments to the already approved version by the Mazhilis. However, President Tokayev dissolved the Mazhilis on Jan 19th and declared early elections.
Senator Orynbekov says Senate holds all legislative power until a new Mazhilis is elected. The digital assets law & related acts form a unified set, enabling President to regulate crypto mining & circulation.
President Tokayev has yet to sign laws & amendments introduced by senators on taxes, budget payments, judicial administration & administrative offenses.
A key goal for the government is to regulate the activities of companies minting 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 new law creates a legal framework for the crypto sector, legalizing the market via licensing for miners & exchanges. Authorities aim for increased foreign investment & state budget revenue.
Registered miners now pay a higher electricity surcharge since Jan 1st under the 2022 law signed by President Tokayev. Kazakhstan cracks down on illegal mining & trading platforms alongside regulations.
Johnson Philip is a passionate cryptocurrency enthusiast and writer for CoinSEM.com. He has been following the crypto industry for years, and has a deep understanding of the various technologies and trends driving the market. Johnson has written extensively on topics ranging from blockchain development to ICO analysis and is known for his ability to translate complex technical concepts into easy-to-understand language.
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