Kazakhstan’s First Bitcoin and Cryptocurrency Bill Announced: What’s In It?

Kazakhistan, cryptocurrency He submitted the first bill on mining and wants to control and attract this sector to the country.

The latest bill aimed at providing the proper framework for the crypto regulation of the Central Asian country, bitcoin and crypto currency mining and circulation of crypto assets.

Kazakhstan Wants to Register Cryptocurrency Mining Industry

Kazinform, an international news agency based in Kazakhstan, first reported the development. According to the report, the crypto bill was drafted by Kazakh Mäjilis lawmakers. Mäjilis is the lower house of the Kazakhstan parliament.

Speaking about the bill, Smyshlyaeva Ekaterina Vasilevna, member of the Mäjilis Committee for Economic Reform and Regional Development, shared information on the nature of the bill, its necessity, and the growing need for proper regulation in the crypto industry in Kazakhstan.

Furthermore, Smyshlyaeva stated that the bill aims to address two areas of the cryptocurrency industry in Kazakhstan. The first area is the cryptocurrency mining industry, which lacks effective regulation.

According to Smyshlyaeva, the legalization of cryptocurrency mining without proper regulation led to indiscriminate depletion of the country’s energy supply.

Smyshlyaeva added that although Kazakhstan has a legislation that provides for the registration of mining activities, in the current situation this practice is entirely voluntary.

He also underlined that the voluntariness of the registration process caused a shortage in registered mining companies. As a result, only a third of crypto mining establishments in Kazakhstan are officially registered with the authorities.

Smyshlyaeva argued that the country should provide a more effective regulatory framework for crypto mining. According to him, this is because the indiscriminate use of the country’s energy for mining affects the energy sector. The draft law generally aims to find a remedy for this.