Financial hub in Kazakhstan attracts Chinese miners for cheap electricity and legal protection

Strict restrictions from the Chinese government have caused all crypto companies to leave or will leave regions that once ranked first in the field of cryptocurrency mining.

This is why some countries are starting to fight for favor and want to get these endangered mining farms into their territory.

The reasons why these companies should come to Kazakhstan were explained by a representative of the financial hub of the AIFC, who provided information to a Chinese reporter.

The AIFC representative first explains that all crypto companies that are registered under the AIFC can benefit from local legal protection as well as cheap electricity.

There are also other important factors such as a suitable continental climate characterized by cold and windy weather or friendly legislation itself.

Kazakhstan has already recognized Bitcoin last year as a digital asset that you can trade in like any other commodity, which has made it possible to create favorable regulatory rules.

The important role in this sector is also confirmed by the AIFC itself, which, due to the attraction of mining companies, created an IT park where resident data centers do not have to pay any taxes except for one annual fee of 1%.

The fact is that Kazakhstan can already boast 116 energy facilities for the production of renewable energy with a capacity of 1685 MW. It is also estimated that Kazakhstan will reach half of the country’s total consumption in the form of renewable and alternative energy by 2050.

Source link: cryptonews.net