Kazakhstan Approves Five New Cryptocurrency Bills

Kazakhstan's Majilis (the lower house of the country's legislature) has approved five new cryptocurrency bills, Russian news agency TASS reported.

According to local news, five new cryptocurrency bills have been approved, and the fact that the draft of at least some of this legislation was only presented in late September, records how fast the new rules are moving. According to Ekaterina Smyshlyaeva, a member of the lower house's Economic Reform and Regional Development Committee, the bills address the issuance and circulation of "secured and unsecured digital assets". Smyshlyaeva also stated that the bills were developed "in line" with President Kassym-Jomart Tokayev's instructions to curb problems related to crypto mining. After China banned energy-intensive BTC mining in the country, miners fled to other regions with cheap electricity, with energy-rich Kazakhstan becoming the main choice. The country soon began to struggle with energy shortages and authorities turned to cracking down on the mining sector. Since May, the government has required crypto miners to register their activities with local authorities. In July, Tokayev tabled legislation to increase taxes on crypto miners. Even though the bills are still in the early stages of the legislative process, sources familiar with the process said the legislation will likely become law. Binance, the world's largest and most preferred cryptocurrency exchange, recently managed to obtain permission to operate as a stock exchange in the country. The exchange had previously announced that they had received a preliminary approval to operate in the country. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!