Kazakhstan President Signs Law To Increase Crypto Mining Tax

2022.07.13 22:31

• The president of Kazakhstan has signed a law increasing the tax on crypto mining.
• The tax will be calculated based on the quantity and cost of electricity used in the mining of digital currencies like bitcoin.
• According to authorities, the new tax charges will reduce energy grid strain while also raising revenue.

The president of Kazakhstan, Nursultan Nazarbayev, has signed a new piece of legislation that amends the country’s Tax Code and adds several provisions to its implementation.

The revisions establish varying tax rates for cryptocurrency mining. According to reports, the Kazakhstan president has signed a bill imposing heavier taxes on bitcoin miners in the country following a power shortage and theft occurrences over the previous few months.

The new tax law will bring about significant changes to the Kazakh tax code. The amount owed to the government as taxes will be determined by the quantity of electricity used to mine …

Kazakhstan President Signs Law To Increase Crypto Mining Tax