Kazakhstan president orders immediate regulation of cryptocurrency mining

Kazakhstan’s President Kassym-Jomart Tokayev ordered to ensure ‘without delay’ legislative regulation of mining. He заявил at a meeting with the country’s energy minister Magzum Mirzagaliev.

According to the minister, so-called ‘grey’ miners consume roughly up to 1,200 MW of electricity.

The president stressed that companies officially engaged in cryptocurrency mining will continue to operate without any restrictions.

The Kazakh Blockchain Technology Association told ForkLog that a working group has been formed at the Ministry of Energy, within which proposals to identify ‘grey’ miners are being considered.

Also, the association’s chairman Sapar Ahmetov said that a pilot project to launch a cryptocurrency exchange, in which the Astana International Financial Centre and the National Bank participate, is in the final stages.

Cryptocurrency mining in Kazakhstan is not banned, but miners are obliged to inform authorities about their activities.

Earlier in June, Tokayev signed a law providing for the introduction of an additional mining tax. The new rules will take effect on January 1, 2022.

In September, the Ministry of Energy proposed to cap the electricity consumption of mining data-centres in the event of a power shortage. Authorities also want to create a registry of mining farms.

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