Kazakhstan plans to release a legal framework for the regulation of bitcoin and cryptocurrencies, per a report from Russian media outlet Tass.
"Deputies of the Majilis of the Parliament have developed a sectoral bill on digital assets of the Republic of Kazakhstan and four related bills as a legislative initiative,” said Ekaterina Smyshlyaeva, a member of the Committee on Economic Reform and Regional Development of the Mazhilis.
The initiative is being developed as a result of the region's lack of framework as it relates to bitcoin and cryptocurrency mining, per the report. Additionally, Smyshlyaeva said that part of the draft bills are focused on the “production and circulation of secured and unsecured digital assets.”
Specifically, the region is looking to establish guidelines for the consumption of electricity as it relates to mining digital assets. The framework would give the Ministry of Energy directorial authority to provide quotas based on volume depending on the needs of...
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