<span style="font-weight: 400">Different countries across the world are moving rapidly towards the crypto sector and Kazakhstan seems to be in the same run. Bagdat Musin, the Digital Development Minister of the country has <a href="https://www.reuters.com/article/kazakhstan-crypto/kazakhstan-in-talks-on-700-mln-in-cryptocurrency-mining-projects-idUSL8N2FZ0NB?rpc=401&amp;" target="_blank" rel="nofollow noopener">said</a> on Wednesday that the country is aiming to attract investment worth $714 million in the crypto sector.</span>

<span style="font-weight: 400">It has been seen that the country is currently having 6% of the global cryptocurrency mining. The major share of crypto mining across the world is with China and now Kazakhstan is also aiming to bring a major share to crypto mining.</span>
<h2><b>Kazakhstan Passed Legal Amendments Regarding Crypto Mining </b></h2>
<span style="font-weight: 400">As the country is moving towards crypto mining, it has also passed legal amendments for it. Back in June 2020, Kazakhstan clarified the regulation and taxation of crypto mining through this legal amendment. The country is aiming to boost the oil-dominated economy with the development of crypto mining. This will help the country provide cheap electric power for all the energy-related businesses.</span>
<h2><b>13 Mining Farms Operating in the Central Asian Nation</b></h2>
<span style="font-weight: 400">Musin has also revealed in the meeting that 13 mining farms are operating in the Central Asian nation. Other than this, four mining farms are under construction, which is expected to be completed soon. According to him, more than 80 million tenges i.e. $90 million have been invested in the crypto mining sector. Now <a href="https://www.cryptoknowmics.com/news/kazakhstan-plans-to-impose-15-tax-on-crypto-miners-amid-covid-crisis/">Kazakhstan</a> is aiming to attract investment worth 300 million tenges, which will further expand this sector in the country. </span>

<span style="font-weight: 400">According to the laws of the country, all the cryptocurrencies that are backed by assets are allowed for mining. All the unsecured cryptocurrencies like Bitcoin had been prohibited under the Kazakh laws. However, that was a thing of the past when there was a blanket ban on cryptocurrencies in the country as it is now moving towards a wider crypto adoption.</span>

Kazakhstan Aiming To Attract Investment Worth $714M in Crypto Sector

Digital Development Minister of Kazakhstan has said on Wednesday that the country is aiming to attract investment worth $714 million in the crypto sector.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Kazakhstan Aiming To Attract Investment Worth $714M in Crypto Sector

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