The President of Kazakhstan gave the green light to cryptocurrency mining

On Friday, the President of the Republic of Kazakhstan Kassym-Jomart Tokayev had meeting with the Minister of Energy of the Republic of  Kazakhstan Magzum Mirzagaliyev, during which the development of electric power industry in Kazakhstan until 2035 has been discussed.

The Minister of Energy presented to the Head of State a forecast balance for the industry development until 2035. It is expected that in the next decade  the electricity consumption will grow annually, in connection with this, it is planned to increase the volume of generation through the renewable energy sources, as well as the gas and hydroelectric power plants.

The Head of State was acquainted with the measures taken to control the scope of digital mining in relation to the entities that carry out their activities without registration. The minister said that the so-called «gray» miners are supposed to consume up to 1200 MW of electricity, and works on their identification are in progress.

Kassym-Jomart Tokayev instructed to ensure an immediate legislative regulation for mining, emphasizing that the so-called «white» miners will continue their activities without any additional restrictions.

Chairman of the Kazakhstan Association of Blockchain Technologies - Sapar Akhmetov assessed the development of cryptocurrency mining industry in the Republic of  Kazakhstan.

«The current situation with digital mining in Kazakhstan is stable. The President’s statement emphasizes again the well-coordinated work between the key market players and the Government. According to amendments in the legislation, mining companies from January 1st will pay additional taxes to the state budget. Work on further regulation of the market continues. An operational group has been created under the Ministry of Energy, with participation of our Association and National Chamber of Entrepreneurs «Atameken». As part of operational group activities, the proposals are being considered to identify the illegal digital mining entities» stated Sapar Akhmetov.

Also, the Chairman of Association said that the primary project of the crypto exchange, in which the «Astanа» International Financial Center and the National Bank of the Republic of Kazakhstan take part, is at the final stage.