November 27, 2022

Kazakhstan is ready for the taxation of mining and cryptocurrencies

 Kazakhstan is ready for the taxation of mining and cryptocurrencies

Kazakh lawmakers have completed the development of a draft law governing the legal status of mining, cryptocurrency circulation in the country and their taxation. The bill will be considered in the Majilis this month.

According to the law, digital assets and mining will not be taxable until they generate income in real money.

The document suggests considering mining astechnical or manufacturing process without taxing it. Tax liabilities will arise only after the cryptocurrency is sold on the exchange and real fiat funds are received.

Treat mining as entrepreneurialtax authorities will be involved in the transfer of mining equipment or computing resources to others for rent, for a fee. In this case, the tax will be calculated as for ordinary data centers.

New legislation was announced at Blockchain Day, December 4.

Kazakhstan is characterized by active implementationblockchain technology in the segment of public administration and the financial sector of the country. The country already has a fiscal system and a processing system for priority lists for kindergartens based on the blockchain.

Regulators of the republic with the support of the government and the president create the conditions for the development of digital technologies, mining and cryptocurrency circulation in the country.