Ethereum
$ 1,242.91 0.93%
Solana
$ 42.07 0.54%
Dogecoin
$ 0.068230 1.32%
ApeCoin
$ 4.48 1.16%
Bitcoin
$ 21,444.00 0.53%
BNB
$ 239.19 0.82%

Kazakhstan unveils new requirements for miners

Kazakhstan
TL;DR Breakdown
  • Miners in Kazakhstan ordered to report activities
  • Miners will provide quarterly updates to authorities
  • The country is hoping to regulate its crypto sector fully

Kazakhstan has sounded out a new requirement that will see crypto miners report their activities before kickstarting their mining processes. According to a report, the government has been keeping a keen eye on the sector’s activities to monitor the power grid in Kazakhstan. Following an in-house consultation among department members, the Digital Development ministry released the order.

Miners will provide quarterly updated documents

According to the released document, crypto miners who intend to carry out mining activities in Kazakhstan have a 30-day ultimatum to report their actions before they start. The country also ordered them to provide their electrical consumption documents before being allowed into the power grid. Asides from that, Kazakhstan has mandated them to provide technical specifications of their activities during the submission.

Other documents include receipts showing the type of hardware and the amount used in its purchase, customs declaration of clearance, and any investments in the activities in the next year. Kazakhstan welcomed a massive amount of crypto miners in the days that followed the excision of miners across Russia. The country was forced to cut the access of most miners to electricity following a strain on its power grid.

Kazakhstan set out to regulate its crypto sector

The new requirements also mandate miners in the country to register details regarding the company backing their activities. The document specifically says that such an entity must be a permanent resident in the country. Besides that, the miners are also required to submit their contact and address. Kazakhstan also mentioned that all the information submitted must be regularly updated in the report that it must send to the regulatory body every four months.

Companies that are also choosing to abandon their mining activities must make it known to the body. This is an updated order requiring mining entities to submit their details to the regulators in 2020. The country has also been considering axing VAT on imports of mining rigs to tax each piece.

There is also news that crypto miners can also pay an increased electricity tariff of 335% in the coming months following an in-house consideration of a price hike. Kazakhstan has also been moving towards eliminating malicious crypto miners across the country. The company recently stopped 106 illegal mining operations confiscating more than 67,000 pieces of hardware in the process.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Monero Price Prediction 2022-2031: Is XMR Price Going Higher?
3 Innovative Coins Presenting Unique Income Opportunities

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users