Draft Law Enacting Strict Rules for Bitcoin Mining in This Country Has Been Approved!

of china Bitcoin (BTC) Towards the end of September, the first draft law on crypto currency mining was presented in Kazakhstan, one of the countries where miners migrated after the bans on mining and mining.

This bill has come to an end, and Kazakhstan lawmakers regulate cryptocurrency mining in the country. “About Digital Assets of the Republic of Kazakhstan” approved the bill.

The bill includes regulations for cryptocurrency miners to only purchase excess electricity from the public grid, new tax rules regarding crypto, and cryptocurrency includes banning advertisements of transactions.

In the country where the bill on mining has been approved, cryptocurrency mining Didar Bekbauov, co-founder of Xive, shared the platform.

Bekbauov, “Mäjilis, the lower house of the Parliament of Kazakhstan, approved the bill ‘On Digital Assets of the Republic of Kazakhstan’, as well as four related bills on the regulation of digital mining in Kazakhstan.” said.

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New crypto regulations in Kazakhstan. again.

The Majilis approved the bill “On Digital Assets of the Republic of Kazakhstan”, as well as four related bills on the regulation of digital mining in Kazakhstan

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— Didar (@didar_bekbau) December 7, 2022

Commenting on the approval of the bill, deputy Ekatarina Smyshlyaeva said:

“In addition to mandatory accreditation, the bill imposes separate requirements for mining pools in terms of the location of server capacities in Kazakhstan and compliance with information security rules.”

According to the bill, mining companies will only be able to purchase electricity if there is excess electricity. Just having too much electricity will not be enough.

Because these purchases are only KOREA will be held by an auction held by the stock exchange. In other words, the company that makes a high price offer for the purchase of electricity will be able to reach the excess electricity.

In addition, in the bill, which obliges crypto money miners to obtain licenses in two categories, it was regulated that individuals who make crypto money transactions also have to pay VAT. It was stated that stock exchanges will pay corporate tax.

Finally cryptocurrency The bill, which also plans to ban the advertising of transactions, introduced a special procedure for crypto to be regulated similarly to securities.