According to the Astana Times report, Kazakh Minister of Digital Development, Innovation and Aerospace Industry Askar Zhumagaliyev said that Kazakhstan is making plans to attract 300 billion tenge worth $738.4 million of investments in the next three years from cryptos and from investing in crypto mining. He revealed the plan while addressing the June 11 plenary session of the Senate, the upper house of the Kazakh Parliament. According to the report, deputies also discussed the current law concerning regulating crypto.
The proposed bill does not consider crypto mining as an entrepreneurial activity.
The proposed bill categorically forbids the issue and circulation of unsecured crypto assets, with one key exception: “except as otherwise provided by law.” The draft that was discussed in the parliament does not ban digital mining, as it does not consider it as an entrepreneurial activity. Addressing the parliament, Zhumagaliyev said crypto mining has become available to many in the country and noted the big potential. He said that they expect another 300 billion tenge (US$738.4 million) in the next three years as crypto investments and, in general, the further development of crypto mining.
There are fourteen crypto mining farms in Kazakhstan.
The minister said that they studied the experience of other countries, such as the United States, Sweden, and South Korea. He added that activities such as crypto mining and cryptocurrency are part of everyday lives in the country. There are 14 such digital farms in Kazakhstan, and they are built near energy sources that can connect to them. According to the minister, they have already brought 82 billion tenge $201.7 million of investments in the country. Most of the crypto farms are located in the country’s northern regions, as well as in the Pavlodar and East Kazakhstan Regions, as well as Uralsk. Several countries around the world are currently working on their national digital currencies.