The first digital assets bill was drafted in Kazakhstan. The bill authors note that this will allow to regulate mining activities on the territory of the country. With the legal regulation of cryptocurrency mining, the industry can provide additional tax revenues and contribute to the development of the domestic IT sector. So, according to approximate estimates, the state budget can be replenished by 600 billion tenge until the end of 2028. In addition, thanks to this document, investors will refocus from raw materials potential on turnover of products of mining.
“In general, we expect this draft law to fully integrate mining and cryptocurrency industries into our economy. The bill will make it a full-fledged segment, a productive segment that will become a source of taxes, jobs and new technologies. This industry contributes to the creation of high-tech data centers in Kazakhstan. We have already calculated the approximate amount we are talking about, and budget revenues will total about 600 billion tenge,” shared Yekaterina Smyshlyayeva, Member of Mazhilis, the Lower House of the Kazakh Parliament.
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