Local Kazakhstan Blockchain Association Issues Statement Regarding Bitcoin Mining Regulatory Landscape

NUR-SULTAN, Kazakhstan, November 9, 2021 (Newswire.com) - The National Association of Blockchain and Data Center Industry (NABDC), Kazakhstan's leading industry trade association dedicated to promoting the adoption and advancement of blockchain technology, has issued a public statement regarding the state of bitcoin mining regulations in the country.

Alan Dorjiyev, who serves as President of the Association, said: "Illegal Bitcoin mining is harmful to our country. We're pleased to see the local authorities shut down those who fail to comply with local laws and regulations. While many illegal miners have setup operations in recent months, there are many Bitcoin mining companies who've been operating in the country for many years who fully comply with all laws, pay their taxes, and provide local jobs. Bitcoin mining brings important tax revenue, innovation, and jobs to our local economy, and we believe Kazakhstan will continue to serve as a highly sought-after home for Bitcoin miners willing to follow the rules. The future of Bitcoin mining in Kazakhstan is bright."

After China banned Bitcoin mining earlier this year, many Bitcoin mining operations relocated to Kazakhstan, which makes up a reported 18.1% of the global Bitcoin network and has taken a pro-Bitcoin stance in recent years, with President Kassym-Jomart Tokayev signing a law in June that introduced a formal tax for crypto mining in Kazakhstan. Commenting on the recent discussion, a statement published on the government's website, said: "Kassym-Jomart Tokayev also instructed to ensure an urgent legislative regulation of mining, stressing that the so-called 'white' miners will continue their activities without additional restrictions."

"Since day one, we've worked closely with the Ministry of Energy and the Ministry of Digital Development, and we continue to do so today. We are proactively collaborating with them to create a fair and transparent market where those who follow the rules are able to operate while those who do not will be forced out of business," said Dorjiyev. 

About National Association of Blockchain and Data Center Industry

NABDC is a voluntary association of legal entities, created for the purpose of development and popularization of blockchain and data center industry in the territory of the Republic of Kazakhstan and abroad, representation of interests of companies developing these technologies in public institutions, quasi-public sector, local business and at the international level. 

To learn more about the NABDC, please visit: https://nabdc.kz/en 

Contact: [email protected]

Source: National Association of Blockchain and Data Center Industry