Kazakhstan Cracks Down on Shadow Crypto Market with Voluntary Disclosure Plan

Kazakhstan is taking steps to bring its shadow cryptocurrency market into the open. The government plans to introduce a voluntary declaration process by the end of the year, allowing individuals and entities to disclose previously acquired or mined cryptocurrencies.

The move aims to stabilize the mining sector, which has been operating in a grey area. To achieve this, the ministry is proposing tax incentives for miners and granting them access to wholesale electricity on equal terms with other consumers.

Additionally, the government plans to utilize associated petroleum gas (APG) currently flared or reinjected into the ground to power mining operations. This approach aims to reduce environmental waste from flaring while creating a localized energy source for computation.