Tokayev approves major cryptocurrency reform for Kazakhstan
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President Kassym-Jomart Tokayev has approved a sweeping reform of Kazakhstan's cryptocurrency regulations, according to Exclusive.kz. The reform aims to establish a legal framework for digital assets and attract investment. It includes licensing requirements for exchanges and tax incentives for miners.
The Reform Scope
The reform introduces a comprehensive licensing system for cryptocurrency exchanges and custodial services, requiring compliance with anti-money laundering standards. Miners will benefit from reduced electricity tariffs for the first three years, provided they use renewable energy sources. The government expects the reform to increase tax revenue by $200 million annually by 2028.
Market and Regulatory Context
Kazakhstan became a global mining hub after China's 2021 crackdown, but unregulated growth led to power shortages. The new rules cap mining capacity at 100 MW per facility and mandate registration with the Ministry of Digital Development. The Astana International Financial Centre will oversee token offerings, requiring issuers to publish whitepapers and undergo audits.
What's Next
The reform will take effect on January 1, 2027, with a six-month transition period for existing businesses. It remains unclear how effectively the government will enforce the new rules, given the decentralized nature of crypto mining.
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Tokayev approves major cryptocurrency reform for Kazakhstan
