The law relating to the activities of mining pools and licensing issues of digital miners was discussed by members of the Committee on Finance and Budget. The purpose of the document is to create a legal framework for the development of the production and turnover of digital assets and digital mining in Kazakhstan.
According to the senators, the Law "On Digital Assets of the Republic of Kazakhstan" provides licensing of digital assets and will facilitate the work of mining pools. Also, the law prescribes rules concerning the presentation of information about the income of digital miners and pools for tax purposes.
Important novelties are that the miners will have a certain regulation of the digital exchanges, and the state, in turn, will be able to exercise control in this area.
Deputies believe that the law will allow to form a legal market of digital assets, to attract foreign investment, which will entail the development of the economy as a whole, and increase state budget revenues.
In addition, the senators also considered a number of related laws that involve amendments and additions to the existing legislation. In particular they discussed amendments to the legislation on digital assets, informatization and judicial administration, to the Code of Administrative Offences, to the Tax Code and the law on the enactment of the Tax Code.
(Senate Press Service, 74-72-27. Photo by N. Baibulin)