5/5/2022 0 Comments
Kazakhstan Is Cracking Down
Kazakhstan's digital development minister, Bagdat Musin, issued an order expanding the registration and reporting requirements for people mining digital currency.
Individual entrepreneurs and legal firms intending to mine cryptocurrency must notify officials at least 30 days before beginning operations, according to the paper. The same is true for companies and individuals that provide services to such businesses.
Cryptocurrency miners are now required to give information such as their company's name, registration number, and contact information, as well as their bank account information and IP addresses.
They must also detail their mining facilities' energy requirements, projected investments, and staff numbers.
Copies of customs declarations or other proof of ownership of mining equipment; documents confirming that the persons involved in the undertaking are Kazakhstan residents; information indicating the location of the mining farm in Kazakhstan; and a technical description of how the hardware will be connected to the power grid are among the documents required.
The new reporting requirements come as officials in Nur-Sultan crack down on the crypto mining business, a year after Kazakhstan became a magnet for miners as a result of China's anti-mining policies.
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