Kazakh Senate returns Law on Digital Assets to Mazhilis
The law on digital assets and a package of related amendments were sent back to the Mazhilis for revision by the Senate members of the Upper House of the Kazakh Parliament. The conclusion made by the Committee on Finance and Budget underscores the need for a number of changes, including specifying the subtypes of licenses for digital miners’ activities, as well as excluding the norms of the law regarding advertising of their activities. Furthermore, the timeframes for bringing certain provisions of the law into force should also be clarified. In general, the MPs stressed that the document is aimed at creating a legal framework for the development of activities for the issuance and circulation of digital assets and digital mining in the country. It is worth pointing out that the Senate members also returned to the Mazhilis the amended bill on digital assets, informatization and judicial administration. Senators pointed out that these laws will create a legal market for digital assets in the country and attract more investment to the industry.
“The law also envisages the norms according to which starting from 2024 Kazakh digital miners will be obliged to trade 50 percent of the earned digital currency on crypto exchanges registered in the AIFC. From 2025, this figure will increase up to 75 percent, thereby increasing the profitability of the AIFC exchanges. Overall, the implementation of the Law on Digital Assets in Kazakhstan and other related laws will give impetus to the legal regulation of digital mining, and the creation of a digital asset ecosystem in Kazakhstan,” said Sergey Karplyuk, Member of the Senate, the Upper House of the Kazakh Parliament.