Kazakhstan Legislature Pushes New Crypto Rules Forward: Report

The lower house of the country's parliament has passed five bills relating to digital assets as the government seeks to tighten its grip on crypto activity, particularly crypto mining.

AccessTimeIconOct 12, 2022 at 1:00 p.m. UTC
Updated Oct 17, 2022 at 4:11 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Eliza Gritski contributed reporting.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.