The Mäjilis, the Parliament of Kazakhstan’s lower house, passed the bill named, “On Digital Assets of the Republic of Kazakhstan,” as well as four related bills governing crypto mining.
Only when there is a surplus of electricity available, may miners buy it from the common power grid. The top bidder wins a power auction that is only available to miners via the Kazakhstan Electricity and Power Market Operator (KOREM) exchange.
The bill noted that mining licenses be split into two groups. The first type includes digital miners who own the necessary facilities, such as data centers with the right equipment, location, and security.
Sharing the insights, Didar Bekbau, Co-founder, Xive (Group Bitcoin Mining), tweeted:
1/9— Didar (@didar_bekbau) December 7, 2022
New crypto regulations in Kazakhstan. Again.
The Majilis approved the bill "On Digital Assets of the Republic of Kazakhstan", as well as four related bills on the regulation of digital mining in Kazakhstan
Digital miners who lease cells in data centers without claiming an energy allotment are the second kind.
Ekaterina Smyshlyaeva, a member of the Majlis Committee on Economic Reform and Regional Development, stated,
The bill, in addition to mandatory accreditation, introduces separate requirements for mining pools in terms of the location of their server capacities in Kazakhstan and compliance with information security rules.
As per Smyshlyaeva, Kazakhstan forbids the utilization of cryptocurrencies and cryptocurrency exchanges. Only a small portion of the experimental legal system that the AIFC has in place applies to crypto operations, she says.
The new crypto taxes implemented are the corporate income tax of a digital miner calculated considering the product value at the time of its receipt as a reward. Then it is the corporate income tax of the mining pool from the commission received for the services provided.
Next is the value-added tax for individuals when carrying out transactions with cryptocurrency. Lastly, it is the corporate income tax on crypto exchanges as business entities.
A restriction on cryptocurrency transaction advertising is planned. A specific regulatory process has been established for secured assets by way of an analogy with securities.