Crypto Miners In Kazakhstan to Face Mandatory Licensing

Kazakhstan, one of the key destinations for crypto mining activities, is now looking to bring mandatory licensing for all crypto miners operating in the country. Mazhilis, the lower house of Kazakhstan’s parliament introduced the bill on Wednesday, October 12.

As TASS reported, the parliament lawmakers introduced an industry bill on cryptocurrencies along with four other bills. The purpose of the bill will be to create a legislative framework for the production and circulation of digital assets. These bills seek to address the hurdles in the legal regulation of digital mining.

Ekaterina Smyshlyaeva, a member of the Mazhilis Committee on Economic Reform, said that the Kazakhstan government has planned to introduce legal mechanisms for regulating electricity consumption by crypto miners. The Ministry of Energy will further set quotas based on the volumes of energy consumption.

The deputy further added that the bills will make it possible to unlock new opportunities and