Kazakhstan lifts restrictions on cryptocurrency mining and circulation

Kazakh President Kassym-Jomart Tokayev signed amendments to the law on artificial intelligence and digitalization, permitting cryptocurrency mining and circulation outside the Astana International Financial Center (AIFC).

Until now, it was formally believed that companies operating in the AIFC had preferential rights to engage in the mining, trading, and exchange of cryptoassets. According to the new law, which will come into force 60 days after its publication, cryptocurrency mining is no longer considered the same as “organizing the circulation of digital assets.” This means that individual entrepreneurs and legal entities in Kazakhstan will officially receive permission to mine cryptocurrency.

However, although the new law permits the circulation of unsecured digital assets throughout Kazakhstan, crypto services will still need to obtain a license from the regulatory agency.

Thanks to new regulations, Kazakhstani miners are no longer required to sell most of their crypto assets through the AIFC exchanges.

Furthermore, the law will require a limitation on the processing period of personal data. The consent of an individual who has provided personal data, for example, to a bank or crypto exchange, will no longer be valid for longer than “the period necessary to achieve the stated purposes of collecting the information.” This individual will be able to revoke their consent at any time by notifying the data processor or a similar entity.

Recently, Berik Sholpankulov, Deputy Chairman of the National Bank of Kazakhstan (NBK), announced that the authorities are working on creating a state crypto reserve. The official suggested that it could be replenished with crypto assets confiscated during criminal cases or directly from the country's gold and foreign exchange reserves.

Источник: cryptocurrency.tech