Kazakhstan to Increase Tax for Miners, Considers Tying Levy to Crypto Prices
The government of Kazakhstan is preparing to increase the tax burden for cryptocurrency miners and intends to tie the new rate to the value of the minted cryptocurrency. The authorities in Nur-Sultan believe that such an approach would have a positive effect on the state budget. Miners in Kazakhstan to Pay Tax on the Value of Extracted Crypto Kazakhstan is taking steps to raise the tax for entities mining cryptocurrency in the country. According to a statement by Minister of National Economy Alibek Kuantyrov, the plan is to calculate the tax based on the market value of the....
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President of Kazakhstan Kassym-Jomart Tokayev has signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levy will depend on the amount and average price of electricity utilized in the extraction of digital currencies like bitcoin.
Cryptocurrency Miners in Kazakhstan to Pay Higher Taxes
President Tokayev of Kazakhstan has signed a new piece of legislation introducing changes to the nation’s law “On Taxes and Other Mandatory Payments to the Budget” and supplementary law enhancing the implementation of....
The new law introduces an additional tax levy for energy used by crypto miners starting from January 2022. As Kazakhstan becomes increasingly popular for cryptocurrency mining, the country’s president has signed a new law introducing an extra levy for crypto miners.President of the Republic of Kazakhstan Kassym-Jomart Tokayev recently signed last a new law that imposes an additional tax fee for energy utilized by crypto miners operating in the country. The new fees will take effect starting in January 2022.According to local news agency Kursiv, the new law introduces an additional fee of 1....
Kazakhstan is facing electricity shortages and cryptocurrency mining has been singled out as the main culprit. Amid an ongoing crackdown in China, the Central Asian nation has become a magnet for crypto miners who are taking advantage of its low electricity rates. Republic of Kazakhstan Sees 7% Increase in Electricity Demand Due to Crypto Miners Kazakhstan plans to boost its power generating capacities in the coming years but right now the country is experiencing electricity shortages. In 2021, consumption has surged by 7% in comparison with last year, a government official revealed at a....
Crypto miners now bring more than $230 million into the economy of Kazakhstan each year and estimates show the figure could increase significantly in the future. The industry’s leading organization has projected that the government can collect more than $300 million in taxes over the next five years.
Kazakhstan Makes Millions From Cryptocurrency Miners
Kazakhstan’s growing coin minting industry has the potential to pour $1.5 billion into the nation’s economy in a five-year period, resulting in over $300 million in tax revenue, according to the National....
Bit Mining is going to expand its operations in Central Asia with the purchase of 2,500 crypto mining machines slated for deployment in Kazakhstan. The new devices are expected to increase the Chinese company’s total hashrate capacity by an estimated 165 petahashes per second. Bit Mining Buys New Cryptocurrency Miners for Data Centers in Kazakhstan Shenzhen-based Bit Mining Ltd. announced Wednesday it has secured a purchase agreement for the acquisition of 2,500 new bitcoin mining machines. The price tag of the deal is approximately $6.6 million, the crypto mining firm detailed in a....