Month: October 2022

Crypto regulation in Kazakhstan.

The authorities of Kazakhstan have decided to take seriously the regulation of the activities of cryptominers and crypto traders. Over the past few years, the popularity of cryptocurrencies in the republic has grown exponentially. Due to low utility tariffs for electricity, even by the standards of the CIS, and the complete absence of regulatory laws, the country has taken a leading position in mining and cashing cryptocurrencies (often “under the hood”). On October 12, the lower parliamentary house passed a law according to which any cryptocurrency activity is now subject to mandatory licensing. For such activities, from now on, you will have to create a legal entity, obtain a license and register with the tax office. The bill itself is long-term, it will still be written down and worked out, so far there are no details. The first real changes will be introduced only by the beginning of 2024. The authorities are aware that such a decision can be perceived negatively, so they promise to provide huge support to licensed crypto traders.