Kazakhstan Legislature Pushes New Crypto Rules Forward: Report

The Majilis of Kazakhstan (the lower house of the country’s legislature) has approved five new crypto bills, Russian news agency TASS reported Wednesday.

The draft of at least some of this legislation was introduced only in late September, local reports show, indicating how quickly the new rules are moving forward. The bills address the issuance and circulation of “secured and unsecured digital assets,” according to Ekaterina Smyshlyaeva, a member of the lower house’s Committee on Economic Reform and Regional Development.

Smyshlyaeva also said the bills were developed “in pursuance” of instructions from President Kassym-Jomart Tokayev on curbing problems related to crypto mining.

After China banned energy-intensive crypto mining in that country, miners fled to other jurisdictions with cheap electricity, with energy-rich Kazakhstan becoming a main attraction. The country soon began to struggle with energy shortages, and authorities began cracking down on the mining industry. Since May, the government has required crypto miners to register their operations with local authorities. In July, Tokayev signed into law increased levies on crypto miners.

Although the bills are still at the first stages of the legislative process, sources familiar with the proceedings have told CoinDesk that the legislation is likely to pass into law.

Read more: Crypto Exchange Binance Receives License to Operate in Kazakhstan

Eliza Gritski contributed reporting.