Kazakhstan’s parliament adoptes digital assets bill to regulate mining among other crypto activitie

12/08 09:41

According to News.bitcoin, the lower house of Kazakhstan’s parliament has adopted the bill “On Digital Assets of the Republic of Kazakhstan” and four related draft laws which aim to regulate mining, among other crypto activitie. In accordance with the legislation, miners operating in the country will be able to buy power from the national energy system only if it has a surplus to offer, and exclusively through the KOREM exchange, the country’s centralized electricity market. The bill also introduces two categories of mining licenses. The first type will be granted to entities that operate infrastructure such as data processing centers. They will have to meet certain equipment, location, and security standards. The second one will be issued to owners of mining hardware who rent space in crypto farms and do not claim an energy quota. The authors of the law, which was approved on first reading in October, have also thought about taxation. Crypto mining companies will be subject to corporate income tax, calculated based on the value of the digital assets received as reward. The same tax for mining pools will be levied on their commission. Individuals who carry out cryptocurrency transactions will be paying value added tax (VAT), the report revealed without providing further details or specifying the exact rates. Legal entities offering crypto exchange services will also have to pay corporate tax. The authorities also plan to ban the advertising of cryptocurrency transactions. At the same time, different regulations have been adopted for secured digital assets, similar to those that apply to securities. A permission to issue and circulate such assets would depend on the availability of collateral.

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