Miners in Kazakhstan will be required to license their activities
Miners in Kazakhstan will soon have to undergo mandatory licensing;
At the plenary session of the chamber on Wednesday, she presented the draft law on digital assets and related legislative amendments.
“By bills, we oblige miners to be licensed in Kazakhstan, that is, to create legal entities and become full-fledged subjects of taxation,” Smyshlyaeva said.
According to her, the draft laws provide “the connection between the production and circulation of digital assets in one ecosystem.” At the same time, the work of miners and mining pools will be regulated and licensed by the Ministry of Digital Development, Innovation and Aerospace Industry.
The deputy explained that the stage of implementation of the cryptocurrency is supposed to be carried out within the jurisdiction of the Astana International Financial Center without risks for the country’s financial system. “Cryptocurrency in Kazakhstan is not a means of payment, and its turnover is prohibited in Kazakhstan. Thus, a new financial institution is developing in the ecosystem being created – Kazakh crypto exchanges. Support for their activities will be carried out by introducing a mandatory requirement for miners to exchange up to 75% of their capital on domestic crypto exchanges starting in 2024,” she said.
In terms of taxation, Smyshlyaeva said, in addition to the existing value-added taxes on the import of equipment and fees for digital mining per kilowatt, it is planned to levy corporate income tax on miners’ remuneration, tax on mining pool income and fees on operations on crypto-exchanges to the republican budget.
“By transferring all operations with cryptocurrency to Kazakhstani exchanges, we make them transparent. Crypto exchanges are subjects of financial monitoring and, according to the draft (law – ed.), will be integrated with the information systems of the State Revenue Committee. The introduction of a registry of mining equipment will exclude the operation of illegal data centers, and licensing will finally solve the problem of gray miners, ensure the security and balance of the energy system,” she concluded.
The deputies at the meeting approved the bill in the first reading.