Kazakhstan officially introduced its central bank digital currency (CBDC), the digital tenge, on November 15th, operating within a “limited environment with real users.” The National Bank of Kazakhstan initiated the pilot phase in collaboration with second-tier banks and their clients. While the Central Asian country’s plans for a CBDC date back to 2021, it wasn’t...Read More
Lawmakers in the country have passed the “On Digital Assets of the Republic of Kazakhstan” crypto assets bill and other laws that focus on crypto mining. The Mäjilis, or the lower hours of the Parliament of Kazakhstan, approved the four bills. Following the Chinese miner exodus, Kazakhstan emerged as one of the preferred destinations due...Read More
Changpeng Zhao – CEO of Binance – revealed that the National Bank of the Republic of Kazakhstan will integrate its central bank digital currency (CBDC) into BNB Chain. The firm has strengthened its presence in the Central Asian country lately. The local regulator AIFC Financial Services Authority (AFSA) allowed it to operate a digital asset...Read More
The lower house of Kazakhstan’s parliament – Mazhilis – reportedly greenlighted new bills that aim to establish appropriate rules in the local crypto sector. They will require miners to create authorized entities, register with the regulators, and continue being subject to taxation. Solving the Problem With ‘Gray Miners’ Despite being a global leader in cryptocurrency...Read More
The world’s largest cryptocurrency platform – Binance – received a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) to operate a digital asset platform and provide custodial services in the country. Earlier this month, the company and the Kazakhstani monetary regulators signed a Memorandum of Understanding (MoU) to create a safe environment for domestic...Read More
The world’s largest cryptocurrency exchange – Binance – signed a Memorandum of Understanding (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan. Over the course of the agreement, both parties expressed a mutual interest in creating a safe crypto environment in the Asian country and bringing down financial crime in the area. Binance’s...Read More
The President of Kazakhstan – Kassym-Jomart Tokayev – said the authorities are ready to introduce a mechanism that will allow the converting of cryptocurrencies to cash if there is enough demand for such services. The positive tone toward the digital asset industry comes days after nearly 100,000 Russians entered Kazakhstan to escape the partial military...Read More
The world’s largest crypto exchange has tapped another regulatory nod, this time from the Astana Financial Services Authority (AFSA). The former Soviet Union state has been an important country for the crypto industry, being a hub for miners for years. The announcement from the company informed that the license from Kazahstan’s watchdog will allow it...Read More
Miners in the country will now have to pay increased tax rates tied to the electricity prices consumed by these entities. Increased Tax Burden for Crypto Miners Consistent with the rapid advances toward regulating activities related to mining Bitcoin and other crypto-assets, the President of Kazakhstan – Kassym-Jomart Tokayev – has signed a new bill...Read More
The government of Kazakhstan has approved guidelines for a pilot program that will foster cooperation between some banking institutions and cryptocurrency exchanges in the Astana International Financial Center (AIFC). Crypto Exchange to Open Bank Accounts According to the official announcement, second-tier Kazakhstani banks now have the green light to offer bank accounts and other financial...Read More
The government of Kazakhstan reeled in 652 million Kazakhstani tenge ($1.5 million) in revenue from Bitcoin Miners in Q1 2022. This figure ran significantly below expectations, largely due to the government shutdown of mining firms across the country starting late last year. Mining in Kazakhstan According to a report from Kazakhstan’s State Revenue Committee of...Read More
China outlawed Bitcoin mining last May. Exactly a year later, the country has re-emerged as the leading venue for mining operations. A new study revealed underground mining activity in the country had catapulted it to second place globally in terms of installed mining capacity. China’s Apparent Comeback Cambridge Centre for Alternative Finance (CCAF) reported the...Read More
The government of Kazakhstan identified 106 cryptocurrency mining farms that operate without the necessary licenses. The authorities halted 51 of them, while 55 ceased their operations voluntarily. The Latest Crackdown Earlier this year, Kazakhstan declared war on illegal digital asset mining farms. Minister Bagdat Musin claimed that they could negatively impact the nation’s energy network:...Read More
Kazakhstan’s Ministry of Energy discovered and halted the operations of 13 illegal digital asset mining farms. Those were collectively using an electricity capacity of over 200 megawatts. War on Illegal Miners The central Asian country was torn by protests at the beginning of 2022 when thousands of residents occupied the streets to fight against the...Read More
