Kazakhstan is going to do cryptocurrency regulation
One of the largest countries of the former USSR is going to make Cryptocurrency regulation throughout the state. The person responsible for the blockchain announced this today. In this article, we will discuss what this news means to users of digital currencies.
What is the government doing with cryptocurrency?
The Kazakh government has long been looking for ways to resolve cryptocurrency. The first regulatory attempts began in 2017. In the same year, the government created a Blockchain authority. Title – Blockchain Development Association in Kazakhstan.
Frankly, such a government structure is very useful. Her representatives say their goal is to punish cryptocurrency scammers. All Blockchain startups launched on the Kazakhstan will now undergo a thorough analysis. Checks will help protect the people from fraud and loss of own funds.
Now cryptocurrency mining is a commercial activity. It’s obvious that miners are required to pay a percentage of their income as tax. All this makes this reform a convergence for the digital currency and the state economy. But it also tightens cryptocurrency controls.
What does cryptocurrency regulation mean?
Based on statistics, Kazakhstan works great with cryptocurrency regulation. The government is mastering Blockchain technologies. Citizens can make digital money more efficiently and safely. Yes, ideas about decentralization and anonymity are put at risk. The state requires linking accounts to individuals. Anyway, many experts say that the crypto industry will develop in this particular way. It is obvious that the leaders of other countries will be inspired by the experience of Kazakhstan. We can wait for the large European or Western countries to resort to measures recently adopted in Kazakhstan. Most likely, state control will negatively affect digital coins prices. Remind, you can follow the current rates of popular coins at coindesk.com.
Follow all the news of the crypto industry with us. Thank you for your attention. Good luck!