fbpx

AIBC

Kazakhstan taxes crypto miners for energy surplus

Posted: Jul 02, 2021 08:01 Category: Asia , Regulatory , Posted by
Stanley Yin

Tax code renewal will see taxes by the kilowatt-hour for crypto mining, expanding the regulatory framework

President Kassym-Jomart Tokayev has signed a new law surrounding wide-scale legislative amendments concerning crypto taxation, that will introduce an extra fee on crypto mining energy in Kazakhstan. The law sets the fee of a kilowatt-hour used for mining to one Tenge ($0.00233).

Albert Rau, Chairman of the committee for economic reform and regional development stated the objective of the actions were a more regulated environment, since mining operations will be registered with the institutions.

The republic of Kazakhstan is one of the major contributors to Bitcoin hash rate in the world. According to the Cambridge Bitcoin Electricity Consumption Index, Kazakhstan is in fourth place following only Russia in third, US in second and with a decent heads up, China. Following the country-wide crackdowns on crypto mining in China, many Chinese operators are relocating to Kazakhstan.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMAAIBCMed-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.

Related Posts

Jesse Powell, CEO of Kraken…

Kraken is currently the fourth-largest crypto exchange, after Binance, FTX and Coinbase. The CEO of Kraken, Jesse Powell, is resigning…