The new law "On Digital Assets" was signed by the President and enters into force on April 1, 2023, with the exceptions (see below). Main innovations: - #Cryptomining in Kazakhstan can be carried out only in licensed data processing centers (data centers/mining farms) through a mining pool accredited by the authorized body. - As expected, #licensing of #cryptobusiness is being introduced (according to different types of licenses for digital miners - equipment owners, and for data center owners). - Accreditation of mining pools, with the requirement for them to provide information on the income of digital miners (generated #Hashrate / mined #cryptocurrency in Kazakhstan) to government agencies for #taxation purposes. - #Cryptominers will be obliged to sell #crypto mined in Kazakhstan on #cryptoexchanges registered with the AIFC (starting from 2024 miners will be obliged to sell in Kazakhstan 50% of crypto, and from 2025 - 75%). - The authorized body (Ministry on digitalization) will keep records of the hardware used for digital mining (list of mining equipment located in Kazakhstan). - A list of types of digital assets (#tokens) that can be issued in Kazakhstan will be approved, that is, there will be specific types of property/services/assets that can be #tokenized in Kazakhstan, also, the procedure for #ICO, issuing such tokens will be adopted (requirements for a prospectus, obtaining permits for #ICO). - The procedure for #electricity quota allotment for #cryptominers will be approved. - State control in the field of digital assets is being introduced, that is, state bodies will carry out scheduled #inspections for compliance of #cryptobusiness with legal requirements. - #Cryptominers will not be able to engage in other activities other than cryptomoning, they will be prohibited to acquire stakes/shares in legal entities. - It is confirmed that the establishment and operation of #cryptoexchanges, #cryptocurrence sell are only allowed within the framework of the AIFC. It is expected that for the implementation of these provisions, relevant requirements for #cryptominers licensing and accreditation of mining pools, for recording mining equipment, issuing secured assets, and distributing the #electricity quota will be adopted. Also, there are amendments to the Tax Code: - established the procedure for determining the income from digital mining. - the fee for issuing licenses for digital mining activities (for data centers 2,000 MCI, for owners of miners - 5 MCI). In general, the law establishes clear #rules for #cryptobusiness in Kazakhstan and requirements for tracking and #taxing #cryptobusiness profitability. I assume, that it could increase the expenses of #cryptobusiness in Kazakhstan in general and have a serious impact both on small-scale #cryptominers (which can decide to leave the country), and big-scale #crypominers (which will consider whether increase their capacities in Kazakhstan, given the low bitcoin period).
Dostanova Diana, LL.M.’s Post
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#CUPAlumni #AlumniCommunity #BuildingConnection I wanted to share a special experience that meant a lot to me. It's a unique story that not many people know about. You see, I have the privilege of calling two incredible universities my alma maters. During my undergraduate years, I had the opportunity to study on a scholarship at the esteemed China University of Political Science and Law (CUPL). Coincidentally, I resided in a dormitory just opposite - at the renowned China University of Petroleum, Beijing (CUP), where I dedicated my first year to mastering the Chinese language. This chapter of my life allowed me to fully immerse myself in the vibrant student life of both universities. With my friends from CUP, we showcased Kazakh national dances that even landed us a spot on national television. At the CUPL, I eagerly participated in a public speaking competition and collaborated with my classmates to bring captivating theatrical skits to life. Recently, we had the incredible honor of welcoming a delegation from CUP, led by the President, Wu Xiaoling and dedicated staff from the International Students department. These were the very individuals who tirelessly supported and guided us throughout our five-year journey in Beijing - Sun Laoshi and Xu Laoshi. This auspicious occasion marked the first-ever gathering of CUP graduates, reuniting nearly 60 alumni from diverse backgrounds who once called CUP their academic home. The atmosphere was filled with warmth and nostalgia, as we rekindled connections with our beloved teachers and cherished friends from our student years. I was especially glad to see former colleagues among the CUP alumni. I firmly believe that this reunion is just the beginning of an annual tradition, one that will pave the way for a vibrant and thriving CUP alumni community. Together, we aspire to create a network as strong and supportive as those found within the Ivy League.
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#cryptocurrency #exchange #Coinbase #blocked #regulatorycompliance The Ministry of Culture and Information of the Republic of Kazakhstan blocked the website of Coinbase, the second crypto exchange in the world, due to the fact that cryptocurrencies are traded on the exchange, which contradicts the Kazakhstan Law. In particular, the blocking was carried out at the request of the Ministry of Digital Information of the Republic of Kazakhstan with a request to block the Internet resource Coinbasecom, which violates the Law of the Republic of Kazakhstan "On Digital Assets" (paragraph 5 of Article 11). This rule states that the issuance and circulation of unsecured digital assets, as well as the activity of crypto exchanges on such assets, are prohibited in Kazakhstan, except in the territory of the Astana International Financial Centre (AIFC). Thus, the fact that the exchange can be accessed by citizens of Kazakhstan is considered by the authorities as cryptoexchange activity in the territory of Kazakhstan, which is conducted without the relevant licence of the AIFC. *** Министерство культуры и информации РК заблокировало сайт второй криптобиржи мира Coinbase, по причине того, что на бирже торгуются криптовалюты, что противоречит законодательству Казахстана. В частности, блокировка осуществлена по запросу МинЦифры РК с просьбой заблокировать интернет-ресурс coinbasecom, который нарушает пункт 5 статьи 11 Закона Республики Казахстан "О цифровых активах" в Республике Казахстан. Данный пункт гласит, что в Казахстане запрещаются выпуск и оборот необеспеченных цифровых активов, а также деятельность криптобирж по таким активам, за исключением территории Международного финансового центра «Астана» (МФЦА). Таким образом, то, что к бирже могут иметь доступ граждане РК, ведомства расценивают как осуществление деятельности криптобиржи на территории РК, которая ведется без соответствующей лицензии МФЦА. https://lnkd.in/dV7mwW_7.
Мининформации объяснило блокировку второй криптобиржи мира на территории Казахстана
kz.kursiv.media
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Honored to be named a Rising Star in Capital Markets according to IFLR1000 Kazakhstan 2023. But the news doesn't stop there: Proud to announce that our firm, Egen Gregory LLP, has earned the Tier 3 ranking in Capital Markets: Equity in Kazakhstan. Big shoutout to our Team, Vladimir Shuster, Aigul Abisheva, and my incredible clients and colleagues. Your support fuels my passion. IFLR1000, thanks for the recognition! Grateful to everyone who's been a part of my journey. Let's keep pushing the boundaries together. #RisingStar #IFLR1000 #CapitalMarkets https://lnkd.in/gEpkkmTY
Egen Gregory | IFLR1000
iflr1000.com
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⚡️ Binance уходит из России и продаёт бизнес компании CommEX. Процесс отключения пользователей от платформы займет до одного года и будет происходить постепенно. Новые пользователи, прошедшие процедуру верификации персональных данных, будут частично перенаправлены на CommEX. В рамках сделки у Binance не останется права на получение части прибыли после продажи и возможности обратного выкупа долей в бизнесе. #crypoexchange #Binance https://lnkd.in/gxAhn4NK
Binance объявляет об уходе из России и продаже российского бизнеса компании CommEX | Блог Binance
binance.com
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Dostanova Diana, LL.M. reposted this
As many international businesses are pursuing their exit from Russia and are waiting for numerous regulatory approvals, Russia has adopted a new law which allows removing foreign parents from the shareholder chain of Russian significant companies and letting Russian indirect shareholders take control. The list of the affected companies will be published by the government. A brief summary of the law is posted on our website https://lnkd.in/dgN3N2aE
Update: Russia Adopts Law Removing ‘Unfriendly State’ Holding Companies from Shareholding in Certain Russian Companies
morganlewis.com
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Dostanova Diana, LL.M. reposted this
🚨 BREAKING: PayPal launches stablecoin for payments and transfers. PayPal USD will be pegged to dollar, issued by Paxos Trust.
Corporate Law | Infrastructure I Fintech | China
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