Kazakhstan’s economy minister suggests to tie the tax on crypto mining to the value of the minted coins.
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.Kazakhstan is taking steps to raise the tax for entities mining cryptocurrency in the country.
The government official noted that the implementation of such a scheme would increase budget receipts, Tengrinews.kz reported. Miners operating in Kazakhstan are currently paying aMining enterprises were obliged to pay more than other consumers last summer. Tariffs were increased with a fee of 1 Kazakhstani tenge per kilowatt-hour of electrical power utilized by the energy-intensive industry.
We are considering an increase in the tax burden for miners. At the moment, we are also considering linking the tax rate for miners to the value of the cryptocurrency. If crypto grows, it will be good for the budget. During a government meeting in February, President Kassym-Jomart Tokayev tasked officials to “multiply” the tax levy on crypto mining. The head of state alsothe nation’s financial watchdog to identify all mining facilities in the country and check their tax and customs documents.
With capped electricity rates, Kazakhstan became a magnet for bitcoin miners last year, when China launched a nationwide offensive against the industry in May. The influx of miners has been blamed for the country’s growing power deficit, and the Kazakh government started to clamp down on the sector.
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