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Kazakhstan seizes $194M from illegal crypto miners

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Kazakhstan seizes $194M from illegal crypto miners 16

The Financial Monitoring Agency of Kazakhstan restricted and seized millions of dollars worth of mining machines from the unregistered crypto operations.

Kazakhstan is an influential country in the world, in terms of Bitcoin computational power contribution. At present, around 18.1% of contribution to the Bitcoin mining operations came from only Kazakhstan, which is itself a big number. However, the country introduced crypto mining-friendly policies last year but it resulted in some negative results like illegal mining operations & electricity shortages.

On 15 March, The Kazakhstanian Financial Monitoring Agency published its official report on the seizure and restrictions on the illegal Bitcoin or crypto mining operations in the country. 

Through the released report, the agency noted that they seized around $194 million worth of crypto mining machines, from illegal mining operations. 

The report also noted that the agency registered 25 crypto mining businesses, which were doing operations illegally. While 55 such illegal mining operations have been shut down on their own, 51 such illegal operations are under the radar of the agency to force them to shut down. 

In all these crypto mining operations, all the firms are included whether they were illegally using electricity or were using electricity from the power grid directly or failed to report about their operations to the government. 

Agency also noted that many crypto mining firms were not reporting about their operations and also were not in the particular Economic zone, where crypto mining is allowed. And also there were those firms, which were not paying taxes to the government over their earnings. 

China ban on crypto & Problem for Kazakhstan

In mid of last year, when China introduced its national ban on the crypto industry including mining & offerings of crypto-related any kind of services, then at that time Kazakhstan welcomed the crypto mining companies. 

With the entry of such crypto mining operations, the country is facing electricity shortages. And illegal crypto mining activities are contributing hugely to this critical situation to the country.

Energy ministers of Kazakhstan are currently planning to bring nuclear energy-based projects in the country to complete the need of crypto mining firms as well as the basic needs of the country so that environmental issues also can be slowed down easily.

Read also: Crypto exchange CryptoCom expanding services to the US

Kazakhstan seizes $194M from illegal crypto miners

 

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