{"id":12727,"date":"2024-11-14T19:33:04","date_gmt":"2024-11-14T19:33:04","guid":{"rendered":"https:\/\/cryptoproguide.com\/%d0%ba%d0%b0%d0%ba-%d0%b7%d0%b0%d1%80%d0%b0%d0%b1%d0%be%d1%82%d0%b0%d1%82%d1%8c-%d0%bd%d0%b0-%d0%ba%d1%80%d0%b8%d0%bf%d1%82%d0%be%d0%b2%d0%b0%d0%bb%d1%8e%d1%82%d0%b5-%d0%b2-%d0%ba%d0%b0%d0%b7%d0%b0\/"},"modified":"2024-12-19T13:11:15","modified_gmt":"2024-12-19T13:11:15","slug":"how-to-earn-on-cryptocurrency-in-kazakhstan","status":"publish","type":"post","link":"https:\/\/cryptoproguide.com\/nb\/how-to-earn-on-cryptocurrency-in-kazakhstan\/","title":{"rendered":"How to earn on cryptocurrency in Kazakhstan"},"content":{"rendered":"
Investments in digital assets can bring investors big profits. However, the legislative regulation of the cryptocurrency market differs from state to state. Some countries have fully legalized virtual money, others prohibit the use of coins and symboler<\/span>, while others allow their use with certain restrictions. The Republic of Kazakhstan (RK) fell into the latter category. Local authorities began regulating digital money in June 2020. Since then, it has become more difficult to earn on cryptocurrency in Kazakhstan.<\/p>\n On June 25, 2020, the Parliament of Kazakhstan adopted Law No. 347-VI “On introducing amendments and additions to the legislative acts of the Republic of Kazakhstan on the regulation of digital technologies”. The local national currency – tenge – remained the only payment unit in the republic.<\/p>\n The law divided the rules for 2 jurisdictions:<\/p>\n The provisions of the new legislation for these territories are significantly different. The peculiarities of the latter are explained by Law No. 438-V “On the International Financial Center “Astana”, adopted on December 7, 2015. It defined a special legal regime for the MFCA. Since that time, the financial center independently issues legislative acts for its jurisdiction.<\/p>\n The main differences between the legal provisions in relation to cryptocurrencies within the country and IFCA are presented in the table below.<\/p>\n Due to differences in legal regulation in the jurisdictions of Kazakhstan and AIFC, it is possible to legally earn money on cryptocurrencies in Kazakhstan only on the territory of AIFC being a legal entity.<\/p>\n The investor must be registered in accordance with the current acts of the financial center or accredited by it.<\/p>\n The legislation of the RK allows mining of virtual assets. However, participants of cryptocurrency networks do not have the opportunity to store their earnings if they are not registered with the MFCA as legal entities. Miners were able to find a solution – to rent computer equipment to citizens of other countries. In this way, users profit from coin mining without violating the laws of the Republic of Kazakhstan.<\/p>\n In October 2021, the Chinese government banned mining. Immediately after that, the share of Bitcoins mined in the PRC decreased from 75% of the global volume to almost 0%. Some Chinese miners found a solution in relocating their equipment to the territory of the Republic of Kazakhstan. In November 2021, Kazakhstan was already mining 18.1% of BTC, and the country took the second position among other countries (after the United States).<\/p>\n Arrived miners increased the load on the electric grid of the Republic of Kazakhstan. In the republic there was a shortage of energy to supply the population. To avoid a catastrophe, the authorities limited the total amount of electricity consumed by miners to 100 megawatts (MW). At the same time, the national operator KEGOC began to interrupt the supply of cryptocurrency mining farms during peak hours.<\/p>\n From January 1, 2022, the company raised the price of 1 kWh by \u20b81 (approximately \u20bd0.17) for miners. Therefore, many players decided to move from Kazakhstan to Russia and the United States. This was reported by Denis Rusinovich, co-founder of Cryptocurrency Mining Group (CMG) and Maverick Group.<\/p>\n However, it is possible to earn on mining digital coins in Kazakhstan. The only problem is the decrease in overall profitability.<\/p>\n For mining virtual currencies using the Proof-of-Work consensus algorithm, you can use different computer equipment, such as:<\/p>\nFeatures of legal regulation<\/h2>\n
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\n \nSubject of regulation<\/th>\n State<\/th>\n AIFC<\/th>\n<\/tr>\n<\/tbody>\n \n Significance of cryptocurrencies<\/td>\n Law No. 347-VI recognizes virtual money as an object of property, but not as a financial instrument. Coins and tokens are called “digital assets”.<\/td>\n Cryptocurrencies are independent objects of circulation. In the glossary of the Astana Financial Services Authority (AFSA), a department of MFCA, digital assets are recognized as units of account and means of savings. They can be bought and sold for fiat.<\/td>\n<\/tr>\n \n Classification of cryptocurrencies<\/td>\n Coins and tokens are categorized as secured and unsecured<\/td>\n Nei<\/td>\n<\/tr>\n \n Circulation of digital assets<\/td>\n Any unsecured cryptocurrency assets are prohibited. They cannot be bought, sold, exchanged or stored.<\/td>\n MFCA provides cryptocurrency exchange services to legal entities. On the territory of the financial center it is allowed to own any digital money, buy and sell it, exchange it for fiat.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n How to earn from cryptocurrency mining in Kazakhstan<\/h2>\n
Equipment for the farm<\/h3>\n
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