Kazakhstan approves mining rules to build national crypto reserve

Kazakhstan has approved new rules requiring strategic crypto miners to contribute part of their mined digital assets to a national cryptocurrency reserve in exchange for access to regulated electricity quotas. Kazakhstan approved Government Resolution No. 638 on July 18, introducing a strategic digital mining program that will take effect on Aug. 1, according to local news outlet Zakon. Under the framework, approved miners will be allowed to purchase electricity from participating producers at prices capped by regulated maximum tariffs. In return, miners must transfer part of the digital assets they produce to the Astana Hub autonomous cluster fund. The assets will then be placed under the management of the National Investment Corporation of the National Bank of Kazakhstan for investment through the country’s National Strategic Cryptocurrency Reserve. Participating miners will be required to transfer 10% of the digital assets remaining after electricity and delivery costs, with value added tax deducted from the total output. The contribution must be made by the 25th day of the following month. The program is limited to large operators. Applicants must own a digital mining data cent...