Crypto miners to file quarterly reports with Kazakhstan authorities

The Minister of

Digital Development

of

Kazakhstan

Bagdat Musin issued a legal order revising the registration requirements for persons and companies in crypto mining. The Kazakh authority has expanded registration requirements for those minting digital currencies. According to the order, the individual entrepreneurs and legal entities who have to mine crypto currencies will have to notify regulators 30 days before starting mining activity. The rule will be applicable to firms and persons providing services to such enterprises as well.

The crypto miners will have to adhere to the following legal obligations for operating as legal entities in the country:

• With the enforcement of the new law, cryptocurrency miners will be asked to submit certain data including the name, registration number, contact information of their companies, their bank details and IP addresses.
• The miners will also have to clearly indicate the requirement of power for their mining facilities, the planned investments, and number of employees.
• The documents required to be submitted to the regulator are the following :
• 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.
• The miners who are already doing mining operations, and those providing maintenance services to these miners, are also obliged to file similar reports with the government for every quarter.
• The mining entities that decide to quit their operations will have to notify the authority within 10 days after terminating their activities.

Ever since the banning of cryptocurrencies in China in September 2021, Kazakhstan has become a hub of crypto miners, leading to an 18 percent increase in the global Bitcoin hashrate and acute power deficit in the country. Kazakh government has been targeting illegal miners due to this reason. The state-run

Kazakhstan Electricity Grid Operating Company

(

KEGOC

) had unplugged power supply to the crypto mining farms from January 24 to February 7, this year.

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