Kazakhstan continues to actively develop its cryptocurrency infrastructure. President Kassym-Jomart Tokayev signed a law amending legislation regarding mining and the circulation of unsecured digital assets. This step marks an important stage in regulating the country's cryptocurrency market and opens up new opportunities for businesses and investors.

New Rules for Mining

According to the new law, mining is now officially permitted for both individual entrepreneurs and legal entities registered in Kazakhstan. This means that digital mining activities will no longer be considered a digital asset circulation organization, simplifying the process of obtaining licenses and conducting business in this area.

The document states that "digital mining activities in the Republic of Kazakhstan are permitted for individual entrepreneurs and legal entities of the Republic of Kazakhstan and are not considered a digital asset circulation organization." This change creates more favorable conditions for miners and facilitates the development of this industry in the country.

Regulation of Unsecured Digital Assets

The law also regulates the circulation of unsecured digital assets in Kazakhstan. Previously, such activity was permitted only within the Astana International Financial Center (AIFC). Now, the new rules allow transactions with unsecured digital assets throughout the country, significantly expanding opportunities for businesses and investors.

Strengthening Security Requirements

An important aspect of the new amendments is strengthening requirements for information security and personal data protection. This is necessary to create a safe and secure environment for users of cryptocurrencies and digital assets, which, in turn, will increase trust in this market.

Cryptocurrency Development Trends

The amendments to the legislation were introduced amid a general trend toward the development of the cryptocurrency sector in Kazakhstan. In September, the National Bank of the country announced the launch of a pilot project to issue a tenge-denominated stablecoin as part of the regulatory sandbox for digital assets. This demonstrates Kazakhstan's commitment to taking an active role in the world of digital finance and cryptocurrencies.

In Conclusion

The law on mining and circulation of unsecured digital assets signed by the president opens new horizons for the cryptocurrency market in Kazakhstan. Simplifying regulations and creating a safe environment for users will facilitate investment and the development of new technologies. Kazakhstan is confidently moving toward becoming a key player in the cryptocurrency market in Central Asia.