Minister of Digital Development of Kazakhstan Bagdat Musin issued an order expanding the registration and reporting requirements for miners. The document obliges individual entrepreneurs and legal entities planning to start working in this industry to notify the regulatory authorities at least 30 days before starting their activities. The rules also apply to firms and individuals providing services to Mining companies.
Businessmen will now be required to provide the authorities with information such as: the name of the legal entity, registration number, contacts, IP-addresses, bank details. In addition, the organizations will have to provide information on how much energy their mining facilities will consume, how much they are going to invest and how many employees they will have.
Documents confirming ownership of the equipment and a technical description of the devices will also be needed.
Mining companies that were operating in Kazakhstan prior to the rule change will also need to provide all of the above documents. Companies going out of business will need to notify the regulator within ten days after the end of operations.
The innovations are part of a campaign to tighten the country’s policy on Cryptocurrencies, which began a year ago. Due to power shortages in the region, the Kazakh government not only prosecutes illegal miners, but also periodically shuts down licensed Bitcoin farms to save power.
Earlier, Kazakhstan’s Minister of National Economy Alibek Kuantyrov said the authorities were considering a tax increase for Mining companies.