A law signed by President Kassym-Jomart Tokayev on February 6th now requires government permission for digital asset issuers, who will also be subject to monitoring under the nation’s “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism” laws.
The legislation goes into effect April 1st, 2023.
To prevent tax evasion, Kazakhstan has enacted new legislation that requires crypto miners to sell at least 75% of their revenue via registered crypto exchanges. This rule aims to gather information on the income of crypto miners and mining pools for tax purposes and will be in effect from January 1, 2024, to January 1, 2025.
Additionally, all crypto mining licenses in Kazakhstan are limited to three years and vary depending on whether the miner owns the mining facilities.
Kazakhstan has launched its central bank digital currency (CBDC) project, “digital tenge,” and is exploring the integration of traditional finance with DeFi. The National Bank of Kazakhstan and Binance jointly published a report outlining the vision of a collaboration between the two industries:
“In Kazakhstan, we also started a practical R&D project to explore how our CBDC – Digital Tenge, can bridge the world of crypto with traditional fiat payments infrastructure.”
Binance was granted a permanent license in October 2022 by the Astana Financial Services Authority to manage a digital asset platform and provide custody services.
source: beaconbolt