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<h2 id="header-0">Kazakhstan has released its first draught law on cryptocurrencies in an effort to both encourage and regulate the industry.</h2><p>The current draught law from the Central Asian country aims to provide the right framework for cryptocurrency regulation and addresses both cryptocurrency mining and money circulation.</p><h2 id="header-1">The country&#39;s crypto mining industry has not been properly regulated.</h2><p>First to announce the development was Kazakhstan-based international news service Kazinform on Thursday. The report states that members of the Kazakh Mäjilis prepared the draught law on cryptography. The lower chamber of Kazakhstan&#39;s parliament is called the Mäjilis.</p><p>Smyshlyaeva Ekaterina Vasilevna, a member of the Committee for Economic Reform and Regional Development of the Mäjilis, spoke about the bill and provided additional context on its purpose, necessity, and the growing demand for appropriate regulation in Kazakhstan&#39;s crypto industry.</p><p>Smyshlyaeva further pointed out that the law aims to address two aspects of Kazakhstan&#39;s bitcoin market. The first is the industry of mining cryptocurrencies, which has never had effective regulation.</p><p>Smyshlyaeva asserts that allowing cryptocurrency mining without appropriate regulation has prompted indiscriminate energy supply exploration in the nation. Smyshlyaeva stated that although Kazakhstani law calls for the registration of mining activities, doing so is entirely optional.</p><p>She also emphasised the fact that there aren&#39;t many registered mining businesses because the registration process is voluntary. As a result, just one-third of Kazakhstan&#39;s crypto mining companies have formally registered with the government.</p><h2 id="header-2">Kazakhstan needs to regulate cryptocurrency activity correctly.</h2><p>According to Smyshlyaeva, the nation has to establish a more effective regulatory framework for cryptocurrency mining. She claims that the energy sector is being impacted by the indiscriminate use of the nation&#39;s energy for mining. In general, the proposed law aims to address this.</p><p>Despite this, Smyshlyaeva acknowledged the value of crypto mining, as it contributes to tax money for the government. Cryptocurrency mining is also a beneficial economic investment that will aid in the expansion of the IT industry.</p><p>The Kazakhstani crypto mining sector is not properly regulated. Recall that Kazakhstan closed down approximately 106 illegal crypto mining companies in the country in March.</p><p>Speaking further, Smyshlyaeva mentioned the second justification for presenting the draught bill.</p>

Kazakhstan Announces First Draft of Crypto Mining Law

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