Kazakhstan Formalises Reporting Regime For Cryptocurrency Miners

[Mic Drop]

Kazakhstan's government has issued new reporting rules for cryptocurrency mining companies, with a focus on how the industry's energy use affects the local power infrastructure.

The order published by the country’s Minister of Digital Development earlier this week requires new miners and hosting centres to register company names as well as physical and IP addresses and contact information for responsible parties 30 or more days before beginning operations.

Expected power usage, hardware needs, and investment are also included in these reports. Miners will also be required to produce proof of Kazakhstan residency. Existing miners must also provide quarterly updates on this information, according to the order. Crypto miners that want to shut down their activities will also have to report it.

https://www.theblockcrypto.com/linked/145103/kazakhstan-formalizes-reporting-regime-for-cryptocurrency-miners/