Kazakhstan has officially approved groundbreaking legislation to regulate its cryptocurrency sector. President Kassym-Jomart Tokayev signed the new "Digital Assets Law", which will take effect on April 1, 2023. This framework introduces strict guidelines for Bitcoin mining and crypto-related activities, aiming to enhance transparency and tax compliance.
Key Provisions of the Law
1. Regulated Bitcoin Mining Operations
- Mining is permitted only through government-approved pools operating in licensed data centers.
- Mining pools must report miners’ earnings to authorities for tax purposes.
2. Mandatory Bitcoin Sales via Licensed Exchanges
Miners must sell a percentage of mined Bitcoin through exchanges registered with the AIFC (Astana International Financial Center):
- 50% by 2024
- 75% by 2025
3. Activity Restrictions for Miners
- Miners cannot engage in non-mining businesses alongside their operations.
- Violations may result in penalties or license revocation.
4. Increased Operational Costs
- Compliance with the new rules is expected to raise overhead expenses for mining entities.
FAQs
❓ What is the AIFC’s role in Kazakhstan’s crypto regulation?
The AIFC acts as a regulatory hub, overseeing licensed crypto exchanges and ensuring adherence to financial standards.
❓ How will the new law affect small-scale miners?
Small miners must align with approved pools and data centers, potentially increasing operational costs but ensuring legal compliance.
❓ Are there penalties for non-compliance?
Yes, unlicensed mining or failure to meet sales quotas may lead to fines or suspension of operations.
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Keywords: Kazakhstan crypto law, Bitcoin mining regulation, AIFC, digital assets, cryptocurrency tax, licensed mining pools, blockchain legislation, compliant crypto exchanges.
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