Kazakhstan's lower house has passed the cryptocurrency bill in the first reading, proposing to implement mining licenses and tax miners

ChainCatcher news, according to the Russian TASS agency, the Kazakhstani authorities plan to introduce legislative regulation in the field of digital assets. The digital asset industry bill and four related bills have passed the first reading in the lower house of the Kazakh parliament. The bill requires miners in Kazakhstan to create legal entities and become formal tax subjects, mandating that miners trade on domestic cryptocurrency exchanges starting in 2024.

The bill also plans to introduce legal mechanisms to regulate the industry's electricity consumption and authorizes the Ministry of Energy to set electricity quotas based on system balance. In addition to the existing import value-added tax on equipment and the charge for digital mining per kilowatt, it is proposed to impose corporate income tax, pool income tax, cryptocurrency operation fees, and corporate income tax on miners' rewards. (TASS)