Kazakhstan Receives Parliament Nod For Adopting Crypto Legislation

• Until a new Mazhilis is chosen, the Senate holds all legislative rights.
• Tokayev has not yet signed the bill or any of the other essential adjustments.

A law to establish guidelines for the use of cryptocurrencies and other similar activities in Kazakhstan has been approved by the upper house of parliament in the country. Local media have claimed that the new legislation “On Digital Assets in the Republic of Kazakhstan” together with other legislative papers pave the way for the development of a cryptocurrency ecosystem in the nation.

Furthermore, earlier in January, after giving the entire package careful consideration. Members of the upper house of parliament agreed to make revisions to the Mazhilis. Which had previously passed its version of the law. On January 19, however, President Kassym-Jomart Tokayev called for early elections after dissolving the lower chamber.

Final Approval From President

Senator Bekbolat Orynbekov was reported by the Zakon.kz news website as saying, that until a new Mazhilis is chosen. The Senate holds all legislative rights. Tokayev has not yet signed the bill or any of the other essential adjustments made by the senators. Which include revisions to the laws of Kazakhstan pertaining to taxes and other contributions to the budget, judicial administration, and administrative crimes.

Moreover, after China began cracking down on cryptocurrency mining, Kazakhstan became a popular alternative location. Its rising power shortfall has been attributed to the inflow of miners.

By requiring miners and cryptocurrency exchanges to get licenses, the recently enacted law establishes a legal framework for the industry and legitimizes the market for digital assets. The government is anticipating more income and greater inflows of foreign investment as a result.