The FSRA, a regulatory arm of the ADGM, a financial center in the United Arab Emirates, has released a consultation paper seeking community input on policy issues for decentralized finance (defi).
The FSRA admits in the report that the defi sector has witnessed considerable development in terms of the number of individuals and the volume of such transactions since the document's introduction.
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The document will serve as a "baseline for a conversation on how Defi may be finally managed," as per the regulatory arm. The FSRA stated that the report is not intended to serve as "advice" for financial institutions. Instead, the study presents the regulator's assessment of the expected medium-term trend over the next five to 10 years.
The consultation document includes the regulatory arm's "high-level policy perspectives on how the FSRA could explore regulating Defi" and other information. The text also lays out a future regulatory framework for defi.
Kazakhstan is considering moves to increase the tax on crypto miners in the nation. According to Alibek Kuantyrov, Minister of National Economics, the aim is to compute the tax based on the market value of the mined cryptocurrency.
According to Tengrinews.kz, a government official stated that implementing such a plan will improve budget receipts. In Kazakhstan, miners are now charged a fee for power usage.
Last summer, mining companies were required to pay a higher price than ordinary users. Tariffs were raised by 1 Kazakhstani tenge (about $0.0022) per kilowatt-hour of electrical power consumed by energy-intensive industries.
President Kassym-Jomart Tokayev instructed authorities to "multiply" the tax levy on crypto mining during a government meeting in February. According to the president, the country's financial watchdog was also directed to identify all mining operations in the country and review their tax and customs documentation.
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When China started a statewide effort against bitcoin mining in May, Kazakhstan became a magnet for bitcoin miners due to its restricted power tariffs. The country's rising electricity shortage has been blamed on the inflow of miners, and the Kazakh government has begun to crack down on the industry.
