Kazakhstan’s President Kassym-Jomart Tokayev has told ministers to create “favorable conditions” for a new “digital” ecosystem that makes use of “cryptocurrencies and digital assets.”
Per Kaztag, which quoted the presidential press service, Tokayev was speaking at a financial sector summit held at the Astana International Financial Center yesterday.
The state-run center is already home to a number of crypto-related firms, including many that work in the mining sector. Kazakhstan, which offers industries relatively low-cost electricity access, also has cold winters – making it an ideal location for many miners.
This, along with a relatively pro-business approach to crypto mining regulation, has led to a growth in mining in the nation in recent years – with many bitcoin (BTC) miners relocating to Kazakhstan from China following last year’s Beijing-led crypto crackdown.
But it appears that Tokayev is not content with simply allowing miners to set up shop in the country and taxing them...
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