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What Do Kazakhstan Bitcoin Miners Do?

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What Do Kazakhstan Bitcoin Miners Do? Cryptocurrency mining companies in Kazakhstan will be allowed to buy electricity in the government-controlled market. The decision comes with a new law approved by the legislature that regulates the company’s activities and the taxation of its profits. Law to Regulate

Crypto Mining in Kazakhstan, Change Licensing Law

The lower house of Kazakhstan, Mazhilis, has passed the bill “On Digital Assets of the Republic of Kazakhstan” and four related bills to regulate mining, among other crypto activities, reports said.

According to the law, miners working in the country will be able to buy electricity from the national energy system if it has a surplus to offer, and only through the KOREM exchange, the market local electricity. Speaking about the new government, Ekaterina Smyshlyaeva, a member of Mazhilis, pointed out that the price limit for this amount of electricity has been raised and stressed, which Tengrinews said, that the market will be used to control the business.

The bill also introduced two types of mining rights. The first type will provide companies with infrastructure such as data centers. They must meet certain standards of equipment, condition and safety. The second will be given to owners of mining hardware who lend space to crypto farms and do not say too much power. Smyshlyaeva added, mining pools must comply with other rules such as having their servers based in Kazakhstan and complying with local information security regulations.

The Central Asian country, which has emerged as one of the top places in the crypto-mining world since China stopped the industry in 2021, blamed it on the growing shortage of energy and the concentration of miners. According to a recent agreement with Russia, Russian electricity will also be supplied to mining farms in Kazakhstan.

Cryptocurrency miners must pay corporate tax on the value of their earnings

The authors of the law, originally approved to read in October, also thought about taxes. Companies that mine Crypto assets will be subject to corporate tax, calculated based on the value of the digital assets received as compensation. A tax for mining pools will be charged on their services.

People who transact cryptocurrency will pay value added tax (VAT), the report revealed without providing further details or specifying the rate. Lawyers offering crypto exchange services must also pay corporate tax.

Smyshlyaeva said that the spread and exchange of cryptocurrencies is prohibited in Kazakhstan, and trading platforms can only work under the special regulations of the Astana International Financial Center (AIFC), with the permission given by the financial institution but without tax benefits. main given. to other registered companies.

Authorities are planning to ban the circulation of cryptocurrency transactions. At the same time, different standards have been adopted for secure digital assets, such as those related to security. The right to grant and distribute these assets will depend on the availability of the contract.

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