As Kazakhstan has become more and more popular in the field of cryptocurrency mining, the president of the country has signed a new law imposing additional taxes on cryptocurrency miners.
Kassym-Jomart Tokayev, President of the Republic of Kazakhstan sign The last new law imposes additional taxes on the energy used by crypto miners operating in the country. The new fee will take effect from January 2022.
According to local news agency Kursiv, the new law Introduction Cryptocurrency miners use an additional fee of 1 Kazakhstani Tenge (0.00233 USD) per kWh.
The additional taxation is part of a series of legislative amendments to the national tax law on crypto miners.Parliament of Kazakhstan by The bill in mid-June.
Albert Law, Chairman Economic Reform and Regional Development Committee, Say The main purpose of the new legislation is to regulate the crypto mining industry and “get it out of the shadows.” Law is the former first deputy minister of the Ministry of Investment and Development of Kazakhstan and is reportedly the initiator of the new legislation initiative.
Kazakhstan has recently become a major destination for cryptocurrency mining operations.according to data According to the Cambridge Bitcoin Power Consumption Index, Kazakhstan is the world’s fourth-largest Bitcoin hash rate share, after China, the United States and Russia.
As previously reported by Cointelegraph, Chinese cryptocurrency mining giants like Canaan have already Relocation of business to Kazakhstan in a Cracking down on crypto mining By the Chinese authorities.China’s major mining pool BTC.com also succeeded Relocation of some miners To Kazakhstan at the end of June.