Last updated on January 20th, 2022 at 04:42 pm
Recently, the Senate in Kazakhstan passed legislation to ensure that crypto platforms operating in the region are subjected to financial monitoring, in a bid to stop people from using them to give their illegal funds legitimacy.
The Senate in Kazakhstan has done this to prevent the usage of crypto to launder money or even finance terrorist acts. The amendments made were not only done to stop the aforementioned illegal activities with cryptocurrency but to change the state of the region’s financial system as a whole.
With the amendments, crypto companies have to get approval from the government before they set up shop or shut down business in the region. The organization that will oversee this is the Ministry of Digital Development, Aerospace, and Defense Industry.
With the crackdown on crypto mining in China, many miners moved to Kazakhstan to begin mining. Another reason for the movement was because the region had affordable electricity. With this, Kazakhstan rose to the second country with the largest crypto mining activities in the world. As a result of this, the Kazakhstan president has signed in law to increase the electricity charge for miners within the country. This law will swing into action on the first day of 2022.
