Kazakhstan’s President Signs Crypto Mining Energy Limits
Kazakhstan’s President Signs Crypto Mining Energy Limits :- According to a statement on the president’s website, Kazakhstan’s Kassym-Jomart Tokayev has signed legislation into law that would regulate the amount of electricity consumed by local cryptocurrency miners.
The Central Asian nation has been having trouble keeping up with the demand for power as a result of a recent influx of bitcoin miners, including unauthorized operators, who have put pressure on the grid infrastructure. The government is strengthening laws for miners even if it still aspires to expand its wider ecology.
Read Also
Credit Suisse intends to overhaul its top employees’ bonus programme, which will cost $380 million
The new regulation essentially caps the amount of energy used by the mining industry by allowing miners to use the national grid only when there is a surplus. Licensed operators will get the surplus and have the option to bid on the electricity. This cap will not apply to miners that use renewable energy sources, imported power, or their own energy producing capacity that is not connected to the grid.
The law requires miners to get government licenses and makes a few modest changes to the industry’s taxation structure.
Read Also
JB Pharma’s 3Q FY23 net profit up 26% to Rs 106 crore
A list of mining pools that businesses may use will also be approved by the government, and miners will be required to sell the cryptocurrency they have produced to exchanges that are registered with the Astana International Finance Center, the nation’s special economic zone. By 2024 and 2025, miners will have to sell half of their cryptocurrency to these exchanges, respectively.
In response to the FTX debacle, Kazakhstan is likewise attempting to regulate digital asset exchanges.
Author Of Solvefinancewithca.com
Hi, my name is Sandeep Mittal and I have been working as a Chartered Accountant in the finance industry for the last 5 years. With my experience, I have gained knowledge about various aspects of finance, such as financial planning, investment strategies, taxation, and accounting.
I am passionate about finance and I want to help people achieve their financial goals. So, I have started a blog called “Solvefinancewithca”. Through this blog, I will share practical advice on finance-related topics like personal finance management, investment planning, tax planning, and accounting best practices.
My goal is to provide solutions to common finance-related problems that people face in their daily lives. I want to make finance easy to understand for everyone and provide honest and impartial advice that is tailored to the needs of my readers.
In summary, my blog “Solvefinancewithca” is about sharing my passion for finance and helping people make informed decisions about their finances.
