December 11, 2023

Kazakhstan is ready for the taxation of mining and cryptocurrencies

Kazakhstan is ready to tax mining and cryptocurrencies

Kazakh legislators have completed the development of a draft law regulating 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.

The new legislation was announced at the Blockchain Day conference on December 4. 

Kazakhstan is distinguished by its active implementationblockchain technologies in the public administration and financial sector of the country. The country already has a fiscal system and a blockchain-based system for processing waiting lists for kindergartens.

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.