Kazakhstan, one of the countries where cryptocurrency mining is widespread, has passed a tax and licensing-oriented bill that tightens cryptocurrency mining.
The adopted regulations include a new electricity purchase scheme for mining equipment, as well as updated licensing and taxation schemes. Under the new rules, cryptocurrency miners will be able to purchase electricity from the public grid only in case of surplus and only through KOREM (Kazakhstan Electricity and Energy Market Operator), which operates as an exchange platform. These purchases will be auctioned on KOREM. Taxation on cryptocurrency will also begin for individuals and companies.
With China announcing its decision to ban cryptocurrency mining in 2021, the sector began to expand rapidly in neighboring Kazakhstan. Speaking at the international forum Digital Bridge 2022, Kazakhstan President Kassym-Jomart Tokayev shared his vision of making Kazakhstan a leader in digital technology, cryptocurrency ecosystem and legal mining. Tokayev said, "We are ready to go further. If this financial instrument further demonstrates its suitability and safety, it will certainly receive full legal recognition."
