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Lawmakers in Kazakhstan’s capital city, Nur Sultan, have approved the final iteration of the law “On Digital Assets in the Republic of Kazakhstan.”
Kazakhstan has been making strides in crypto, especially crypto mining. In its most recent round of attending to digital assets, lawmakers in its capital approved the final version of the law “On Digital Assets in the Republic of Kazakhstan.” The new legislation, which encompasses many other bills, will regulate the circulation of crypto within the country while at the same time will introduce a licensing regime for crypto miners and exchanges, according to reports by Bitcoin.com. The country’s Senate adopted a bill aimed at regulating cryptocurrencies and related activities in Kazakhstan, which will create to opportunity for establishing a crypto ecosystem in the country.
Members of the upper house of parliament earlier in the month considered the legislation and proposed some amendments that the lower house of parliament had already approved. A problem has now, however, been created as President Kassym-Jomart Tokayev dissolved the lower house and called for early elections. Until a new lower house has been elected, the Senate holds all legislative power.
The new legislation has now been referred to President Tokayev, who is yet to sign its amendments.
Kazakhstan Focuses on Crypto Mining
Following China’s crackdown on crypto mining, Kazakhstan has become a hotspot for mining. As such, the government needs to regulate the industry as the influx of crypto miners has placed severe pressure on the country’s growing electricity deficit. President Tokayev even enacted a law amending the country’s tax code to impose higher taxes on crypto miners.
With its newly adopted legislation, the government has established a legal framework for the sector. It legalizes the market for digital assets by introducing licensing for crypto miners and crypto exchanges. The government hopes the newly established legislation will attract foreign investment and increase state budget revenues.
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