From January 1, 2024, amendments to tax legislation will come into force in Kazakhstan, aimed at reducing the financial burden on cryptocurrency exchanges and mining enterprises. This is reported local media.
Trading platforms registered in the country are exempt from paying value added tax on transactions with digital assets.
A fixed tariff for electricity consumption is introduced for miners at the level of 2 tenge 1 kW·h.
In addition, for companies producing cryptocurrencies using their own generating facilities, the fee is reduced from 10 to 1 tenge per 1 kW·h.
The amendments were proposed by the Kazakhstan Association of Blockchain Technologies and Data Centers in order to increase the competitiveness of local entrepreneurs in the crypto market. The corresponding law was signed by President Kassym-Jomart Tokayev on December 12.
In September, eight mining companies from Kazakhstan complained to the president about the “plight” of the industry in the country, asking for a review of electricity tariffs and tax policy.
According to calculations by the Ministry of Finance, Kazakh miners paid $6.7 million in taxes in 2022.
Source: Cryptocurrency
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