Kazakh Senate approves revised Digital Assets Law.

In Kazakhstan, a new edition of the Law on Digital Assets and four accompanying regulatory acts have been approved. Local media report this местные СМИ.

The laws, among other things, provide measures to protect the national energy system from unregulated cryptocurrency mining, introduce mechanisms for administering a number of taxes, and regulate the circulation of secured digital assets.

The passage of the documents was unusual. On January 19, Сенат returned the laws to мажилис with its amendments, but on the same day it was announced that the latter had been dissolved. Until the formation of the new composition of the lower chamber of Parliament, the Senate is performing legislative functions on its behalf. Thus the amendments are considered adopted and sent to the president for signature.

According to the head of the parliamentary working group, Ekaterina Smyshlyaeva, the main aim of the documents is to create a legal framework for the production and circulation of digital assets.

As noted, cryptocurrency mining in Kazakhstan is permitted for only participants of the Astana International Financial Centre and non-resident legal entities with a contract with licensed data centres.

For mining pools, separate requirements have been introduced regarding the location of their server capacities within the country and compliance with information security rules.

For more on the regulation of the cryptocurrency market in Kazakhstan, adopted in 2022, read ForkLog’s dedicated feature.

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