Members of the Parliament of Kazakhstan suggested that the authorities need to expand the regulatory framework for cryptocurrency miners. Additional rules should simplify their activities and help correct the public opinion that has formed that they are responsible for the country’s electricity deficit.

Lawmakers say crypto mining in Kazakhstan requires additional regulations

The new regulatory requirements and standards of the crypto mining industry must be adopted to simplify its operations while developing an integrated ecosystem for digital assets. This is based on a recent statement made by Dyusenbay Turganov, a member of the Mazhilis lower house of the Kazakhstan Parliament.

The local business news portal Inbusiness.kz quoted the representative as saying that since the passage of legislative amendments in 2020, mining has been a legal industrial activity.He also reiterated that starting from January 2022, miners operating in accordance with the law will pay for the new taxi To the budget.

“However, in the context of brewing power shortages, society has a false and misleading view that digital mining is the culprit of the energy crisis, and government agencies seem to have not solved this problem to the necessary degree,” Turganov Explained. He also commented that “effective measures and their results are invisible, and there is no proper coordination among government agencies in this important process.”

“Gray miners” were blamed for power shortages and considered various solutions

Kazakhstan’s electricity deficit is getting bigger and bigger, exceeding 7% in the first 9 months of this year, mainly due to blame Regarding the growing consumption of its growing mining industry. In November, many consumers, including households, experienced power outages and imposed restrictions in the southern part of the country.In order to solve the shortage problem, Kazakhstan had to Imported electricity From neighboring Russia with higher tariffs.

However, Dyusenbay Turganov insists that the uncontrolled power consumption of illegal mining farms is the main cause of the current situation. He added that to solve this problem, the government must step up its efforts to identify so-called “gray miners” and crack down on their illegal activities. Legislators emphasized that this would allow the authorities to limit the much-needed electricity consumption by legitimate consumers. Turganov has been quoted as:

The necessary requirements and standards need to be formulated and adopted to simplify the activities of miners and establish a comprehensive ecosystem based on the circulation of digital assets. international Finance Center [Astana International Financial Centre] Reduce the share of the shadow economy.

Parliamentarians suggested that miners participate in the development of renewable energy in Kazakhstan to help solve the imbalance in the national power supply system. He urged the authorities to also take measures to expand the country’s power generation capacity.

Turganov’s suggestion was made after a group of colleagues from Mazhilis suggestedIn early October, a national registry was established for cryptocurrency farms operating in the country. Concerned about the industry’s growing energy consumption, legislators also hope to charge miners higher prices for electricity used to mint digital coins.

Do you think Kazakhstan will introduce additional regulatory requirements for cryptocurrency miners? Share your expectations in the comments section below.

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