Kazakhstan Amends Crypto Rules for Miners

Kazakhstan’s minister of digital development, Bagdat Musin, has given an order to expand the registration and reporting requirements for those minting digital coins.

Individual entrepreneurs and legal entities that intend to mine crypto would now have to notify regulators at least 30 days before commencing activities.

The same applies to firms and persons providing services to such enterprises.

Cryptocurrency miners are now asked to submit certain data including the name, registration number, and contact information of their companies, as well as their bank details and IP addresses.

Miners will have to also specify the energy needs of their mining facilities, the planned investments, and the number of employees.

Among the required documents are copies of customs declarations or other proof of ownership of mining equipment, documents confirming that the persons involved in the undertaking are residents of Kazakhstan, information indicating the location of the mining farm in the country, and a technical description of how the hardware will be connected to the power grid.

Miners that have already started operations, and their providers of maintenance services, are obliged to file similar reports with the government for every quarter.

Furthermore, mining entities that pull out of business will have to notify the state within ten days after terminating their activities.