Kazakhstan vs San Marino
Crypto regulation comparison
Kazakhstan
San Marino
Legal
Legal
Kazakhstan has a dual approach to crypto regulation. The Astana International Financial Centre (AIFC) operates as a regulated sandbox where licensed crypto exchanges can operate under AFSA supervision. Outside the AIFC, crypto regulation is more restrictive. Kazakhstan became a major mining hub after China's ban but has since tightened mining regulations.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
Capital gains
Tax Type
Unclear
Tax Rate
10%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
AFSA (Astana Financial Services Authority), NBK (National Bank of Kazakhstan)
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
AIFC (Astana International Financial Centre) has its own framework for digital assets including stablecoins
Stablecoin Rules
No specific stablecoin regulation
Key Points
- AIFC provides a regulatory sandbox for licensed crypto exchanges and businesses
- Mining is legal and licensed, with a specific tax on electricity consumption for miners
- Kazakhstan became the world's second-largest Bitcoin mining country after China's 2021 ban
- 2022 mining crackdown introduced stricter licensing and energy consumption taxes
- Outside AIFC, domestic crypto payments and exchanges face greater restrictions
Key Points
- Delegated Decree on blockchain technology entities issued
- Licenses issued for blockchain-based businesses
- AIF provides regulatory oversight
- Small jurisdiction working to attract blockchain companies
- Developing comprehensive digital asset regulation