A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets.
A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct pieces of legislation, the first requires the secured digital assets issuers to have the government’s permission.
Moreover, such issuers will be subject to monitoring by the existing law of the land — “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism.” The law will enter into force from April 1, 2023.
The second legislation targets unsecured digital assets, typically earned through crypto mining operations. To reduce the possibility of tax evasion, crypto miners in Kazakhstan will be forced to sell at least 75% of their revenue via registered crypto exchanges. This rule, which aims to collect “information on the income of digital miners and digital mining pools for tax purposes,” will be effective from Jan. 1, 2024, to Jan. 1, 2025.
All crypto mining licenses in Kazakhstan are issued for a limited period of three years and differ based on whether or not the miner owns the mining facilities.
A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct pieces of legislation, the first requires the secured digital assets issuers to have the government’s permission.
Moreover, such issuers will be subject to monitoring by the existing law of the land — “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism.” The law will enter into force from April 1, 2023.
The second legislation targets unsecured digital assets, typically earned through crypto mining operations. To reduce the possibility of tax evasion, crypto miners in Kazakhstan will be forced to sell at least 75% of their revenue via registered crypto exchanges. This rule, which aims to collect “information on the income of digital miners and digital mining pools for tax purposes,” will be effective from Jan. 1, 2024, to Jan. 1, 2025.
All crypto mining licenses in Kazakhstan are issued for a limited period of three years and differ based on whether or not the miner owns the mining facilities.