Kazakhstan Imposes New Restrictions On Crypto Miners And Exchanges

Kazakhstan has imposed new restrictions on cryptocurrency miners and exchanges in order to combat money laundering and terrorist financing. The National Bank of Kazakhstan will now require cryptocurrency exchanges to obtain a license and comply with anti-money laundering and counter-terrorism financing regulations. Cryptocurrency miners will also have to register with the government and meet certain electricity consumption requirements. The new regulations aim to bring greater transparency to the cryptocurrency market and prevent its abuse for illicit activities.

A bill that would create new licensing and electricity purchase requirements for cryptocurrency miners has been sent on to a third vote in Kazakhstan's parliament. The bill would require cryptocurrency miners to obtain a license and purchase electricity from licensed providers. It also proposes increasing penalties for illegal cryptocurrency mining and establishing a working group to monitor the industry. The bill's proponents argue that the regulations will support the development of a legitimate cryptocurrency industry in Kazakhstan, while opponents claim that the requirements are too strict and will stifle innovation.