The House of Representatives is set to deliberate on the passage of a bill that will make crypto mining in Kazakhstan become a legal business. This is amidst the country being seen in the spotlight as a new hub for crypto mining.
An emerging hub for crypto mining in Kazakhstan
Kazakhstan is seen as an emerging hub for crypto mining because of low electricity prices in the country and good weather the country has. The electricity rate in the country is estimated at 2 or 3 cents per kilowatt-hour. This is affordable and reasonable, unlike other countries.
Once the legislature passes the bill, the crypto community and crypto mining in Kazakhstan is to shift focus to the country. Regulations are going to be easy, and crypto mining in Kazakhstan would have government backing. Reportedly, the county has been working towards institutionalizing crypto mining since 2018. Kazakhstan government has opened doors for cryptos, blockchain, and Distributed Ledger Technology (DLT).
Towards the end of last year, a blockchain association legislative analyst in the country Mardi Saken noted that the government is reviewing a draft law that will ensure cryptos and mining activities in the country are not taxed. Read More