Thursday, December 08, 2022

Kazakhstan Presses On With Restrictive Bitcoin Mining Regulation

Many countries are in on the bonanza of digital currencies! But the wild west/east is coming under scrutiny in some of the countries.

"Kazakhstan, a central Asian country bordering China and Russia, continues to crack down on bitcoin mining with regulation that further stifles the industry.
After China's bitcoin mining ban in June of 2021, large amounts of hash rate began to migrate to Kazakhstan. ..." (Bitcoin Magazine daily update)

"Kazakhstan is moving forward with regulation that will further stifle its bitcoin mining industry.
The country’s federal parliamentary body has completed secondary approval of a bill "On Digital Assets in the Republic of Kazakhstan." With a third approval, the legislation will introduce new licensing requirements for bitcoin miners based on their facility ownership and operational structure. It would also require that miners purchase their electricity from the energy provider Korem at market rates.
Previously, specific reporting and tax requirements were implemented, including registration of names, locations and quarterly reports to the government. These occurred as a result of the major influx of mining amidst energy shortages and protests, all while bitcoin miners fled China as a response to the government’s banning of bitcoin."

Kazakhstan Continues Bitcoin Mining Regulation - Bitcoin Magazine - Bitcoin News, Articles and Expert Insights

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