Nurstan MPs have approved the final version of the law “On digital assets in the Republic of Kazakhstan.” This new law, which includes several other bills, regulates the circulation of cryptocurrencies in the country and introduces a licensing regime for crypto miners and exchanges.
The Senate voted on the crypto law and sent it to the President of Kazakhstan
The Kazakhstan Senate has adopted a bill designed to regulate cryptocurrencies and related activities in the Central Asian country. Along with additional legal documents, the new law “On Digital Assets in the Republic of Kazakhstan” will create conditions for establishing a crypto ecosystem in the country, local media reported.
Members of the Senate of Congress considered the comprehensive package at the beginning of January and decided to propose certain amendments to the Mazhilis, which had already approved a version of the law. However, President Qasim-Jomart Tokayev dissolved the Chamber of Deputies on January 19 and called for early elections.
Until a new Mazhilis is elected, the Senate has all legislative power, Senator Bekbolat Orynbekov explained, as cited by the Zakon.kz news portal. The Digital Assets Law and related laws constitute a single set of laws that allow the head of state of Kazakhstan to fulfill his regulatory obligations regarding the mining of digital currencies and their circulation.
Tokayev has not yet signed this law and other necessary changes introduced by the senator, including amendments to Kazakhstan’s laws on taxes and other payments to the budget, judicial administration, and administrative crimes.
An important goal for the government is to regulate the activities of companies that mint digital currency in the country. Kazakhstan has become a hotspot for crypto mining in the wake of China’s crackdown on the industry. The influx of miners has been blamed for its increasing power shortages.
The newly adopted law creates a legal framework for the sector and legalizes the market for digital assets by implementing licenses for both miners and crypto exchanges. In addition, authorities hope it will attract more foreign investment and increase state budget revenues.
The new rules come after a law signed by President Tokayev in July 2022, which on January 1 made registered crypto miners pay higher surcharges for the electricity they use. In parallel with regulatory efforts, Kazakhstan is pursuing underground mines and illegal trading platforms.
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