Kazakhstan Considers a Bill to Increase Fee Rate for Crypto Mining 

Laws regarding Bitcoin mining have always been strict in Kazakhstan. In February, the government of the country discovered 13 illegal data-mining farms and since then, has been keeping an eye on the industry. 

On May 30, the government of Kazakhstan published its budget earnings from digital assets mining, released by Kazakhstan’s State Revenue Committee of the Ministry of Finance. The report states that a total of 652 million tenges have been spent on energy fees on cryptocurrency in Q1 of 2022. 

The digital mining fee was introduced on January 1, 2022, and the committee informed that the fee collected was less as a lot of crypto mining firms were shut down for ensuring “energy security.” The plan of increasing the fees was included in the new crypto bill as mentioned by the authorities. The committee also mentioned that payments related to digital mining are not provided by Kazakhstan’s tax code. 

The initial reading amendments to the national tax code were provided on Wednesday. It included that crypto mining taxes are tied to the energy consumed by the mining firms. 

Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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