Kazakhstan Amends Registration Rules for Cryptocurrency Miners

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Kazakhstan Amends Registration Rules for Cryptocurrency Miners – The registration and reporting criteria for those minting digital currencies have been expanded by an order issued by Kazakhstan’s minister of digital development, Bagdat Musin.

Individual entrepreneurs and legal firms intending to mine cryptocurrency must notify officials at least 30 days before beginning operations, according to the document. The same is true for businesses and individuals who provide services to them.

Cryptocurrency miners are now required to give information such as their company’s name, registration number, and contact information, as well as their bank account information and IP addresses. They must also detail their mining facilities’ energy requirements, projected investments, and employee numbers.

Also Read: Argentinian Digital Bank Brubank Includes Crypto Purchases in Its Platform

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Copies of customs declarations and other proof of ownership of mining equipment, documents confirming that the individuals involved in the undertaking are Kazakhstan residents, information indicating the location of the mining farm in Kazakhstan, and a technical description of how the hardware would be connected to the power grid are among the documents required.

Miners who have already begun operations, as well as their maintenance suppliers, are required to file quarterly reports with the government. Furthermore, mining companies that cease operations must notify the state within ten days of the end of their operations.

The new reporting requirements come as officials in Nur-Sultan crack down on the cryptocurrency mining industry, a year after Kazakhstan became a magnet for miners due to China’s anti-crypto campaign. The government has been going after illegal miners, but even approved bitcoin farms have been hit by power outages due to the rising electrical shortage.

Also Read: Bankoff Crypto Cards Suspended Amid High Volume of Russian Transactions

Kazakhstan Amends Registration Rules for Cryptocurrency Miners – Several companies have already left the country due to the shortages, and dozens of mining sites have been shut down this year, with many remaining unconnected.

Auditors have also been working to tighten tax loopholes exploited by certain miners, while authorities prepare to raise the tax burden on those who remain in Kazakhstan, with the rate tied to the value of the newly issued digital currency.

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