Kazakhstan introduces mandatory sale of 75% of mining income

After the signing of a new package of laws by the President of Kazakhstan, Kassym-Jomart Tokayev, the concept of the mandatory sale of cryptocurrency assets is introduced for the country's mining companies.

The government of Kazakhstan will approve the list of mining pools, as well as oblige miners to sell 75% of the crypto assets they have mined to cryptocurrency exchanges registered in the country's special economic zone – the Astana International Financial Center.

This rule will be valid from January 1, 2024 to January 1, 2025. According to legislators, this procedure will significantly reduce the ability of mining companies in Kazakhstan to evade taxes, unlicensed mining and illegal release of crypto assets.

The Republic of Kazakhstan is one of the world leaders in the cryptocurrency industry, where the country's authorities are introducing new regulatory rules. Earlier, published an extended review on how the crypto industry in Kazakhstan works.