What Kazakhstan’s new tax regime means for the crypto mining industry
New amendments recently signed by the country’s president could bolster the energy grid refit while keeping overall prices relatively moderate. On July 11, the President of Kazakhstan, Kassym-Jomart Tokayev, signed new tax rates for crypto mining operators into law. While these amendments reflect the country’s growing frustration with the undertaxed and non-transparent usage of the national power grid by both foreign investors and domestic perpetrators, the new taxes could hardly be called excluding. Moreover, they could signal the further adoption and legalization of mining in energy-rich....
Related News
The Kazakh budget has not received the expected amount of fees from crypto mining as the government has shut down lots of miners to “ensure energy security,” the government said. The government of Kazakhstan, one of the world’s largest countries by the Bitcoin (BTC) mining hash rate distribution, has reported budget earnings derived from cryptocurrency mining.On May 30, Kazakhstan’s state revenue committee of the Ministry of Finance released a report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022.According to the report, Kazakhstan’s budget....
Kazakhstani authorities plan to improve their regulatory approach in order to strengthen the country’s position in the global crypto market. Kazakhstan’s government forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country.State authorities have reviewed proposals to address the crypto industry's development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the Prime Minister of Kazakhstan.Officials have proposed to run crypto exchanges via a major national....
Binance CEO Changpeng Zhao met with Kazakhstan’s president and his senior staff on Wednesday to discuss long-term cooperation. Cryptocurrency exchange Binance has signed a memorandum of understanding, or MOU, with the government of Kazakhstan to bolster “virtual asset market development” in the central Asian country. The signing of the MOU, which is between Binance and Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry, took place on Wednesday during Changpang Zhao’s official visit to the country. The Binance CEO met with Kazakh President Kassym-Jomart....
Kazakhstan’s national fiat currency, the Tenge, has been falling for decades, recently, hitting a record low. Meanwhile, interest in Bitcoin is growing, and volumes have been steadily rising in the Central Asian country. Kazakhstan’s Currency Problems. The Central Asian country was the last Soviet republic to declare independence back in 1991 when the....
As the Bitcoin mining industry matures, it will seek stable political environments and stable energy sources. Deputy for the Spanish Ciudadanos political party María Muñoz has proposed a bill to make Spain a Bitcoin mining hotspot following the internet shutdown that caused a mining outage in Kazakhstan.The lawyer and economist Muñoz was steadfast in her support of Spain as a Bitcoin (BTC) destination, in a tweet on Friday: “The protests in Kazakhstan have repercussions all around the world but also for Bitcoin. We propose that Spain positions itself as a safe destination for investments....