Kazakhstan President Signs Law Increasing Tax Burden for Crypto Miners
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....
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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....
Kazakhstan has imposed new tax rules on crypto miners, this new taxation system shall be differentiating the tax rates on crypto mining. It also includes crypto miners that use renewable energy resources. President of Kazakhstan Kassym-Jomart Tokayev has signed this law which shall be amended into the country’s Tax Code. The amount of tax levied […]
Cryptocurrency miners in Kazakhstan will pay more than other consumers for the electricity they use to mint digital coins. The country’s president has signed a law that imposes an additional fee for the power utilized by the energy intensive industry. Coin Miners in Kazakhstan to Pay Extra Fee per Kilowatt-hour of Electricity Crypto mining entities in Kazakhstan are going to pay a surcharge for the electrical energy they burn. President Kassym-Jomart Tokayev has signed a new law this week amending the Central Asian republic’s legislation “on taxes and other obligatory....
President of Kazakhstan Kassym-Jomart Tokayev has instructed authorities to identify all crypto mining enterprises and increase the electricity surcharge they are required to pay. The state is not against legal mining activities, but crypto farms should be licensed and taxed, Tokayev insisted. Miners in Kazakhstan to Pay Higher Electricity Tariffs On top of electricity shortages that have already forced some companies to leave Kazakhstan, crypto miners are now facing a tax hike and stricter oversight. At a meeting with ministers this week, President Kassym-Jomart Tokayev ordered the....
Authorities in Kazakhstan are discussing new regulations for the country’s crypto space that may lead to a serious increase in the tax burden on the mining business. Among the proposed changes is a fivefold hike of the fee miners pay per each kilowatt-hour of utilized electricity. Mining Companies in Kazakhstan Expected to Pay Much More to the State Government officials in Kazakhstan are debating over new legislation for the cryptocurrency industry. The authors of a draft law “On Digital Assets in the Republic of Kazakhstan” have covered certain matters that concern....