The introduction of an additional charge on electricity used for cryptocurrency mining would “bring out of the shadows those miners operating in the grey area.” This was stated by Bagdat Musin, Kazakhstan’s minister of digital development, innovations and aerospace industry, according to Zakon.kz.
According to him, some mining companies consume electricity “that could be directed to other enterprises.”
Musin also noted that not a large number of people work in this sector in Kazakhstan, though “investments are coming.”
“To make these investments work for the benefit of every Kazakh, all mining farms must be legalised.”
The minister believes that the proposed fee of 1 tenge per kWh is negligible, and there will certainly be no enormous growth in the future. However, the mining sector must become economically viable for the country, he stressed.
The draft law to introduce the additional charge for mining was approved by the Mazhilis (the lower house of parliament) and forwarded to the Senate.
Another key regulatory issue, Musin called the legalisation of cryptocurrency exchanges:
“Today the National Bank agreed to cooperate, and on the platform of the Astana International Financial Centre (AIFC) we are making possible the registration of a crypto exchange. Then the circle closes. Those who mine bitcoins here sell them through our crypto exchange; we will collect taxes on the sales.”
Earlier in May in Kazakhstan, were considering the possibility of launching cryptocurrency exchanges within the AIFC, developing a regulatory framework for platform interactions with Kazakh banks and individuals, and overall improvement of regulation of such venues.
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