President of Kazakhstan Tokayev signs law increasing tax rates for crypto miners.
President of Kazakhstan Kassym-Jomart Tokayev has signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levy will depend on the amount and average price of electricity utilized in the extraction of digital currencies like bitcoin.a new piece of legislation introducing changes to the nation’s law “On Taxes and Other Mandatory Payments to the Budget” and supplementary law enhancing the implementation of the Tax Code.
The exact levies will be determined based on the average price of the electricity consumed to mint coins during a certain tax period. They start as low as 1 Kazakhstani tenge per kilowatt-hour , when a miner paid 25 tenge or more per kWh, and can reach 10 tenge, if the electricity tariff was in the range of 5 – 10 tenge .
Crypto farms using electrical energy generated from renewable sources will pay the lowest tax rate at 1 tenge per kWh, regardless of its cost. That
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