Kazakhstan Plans To Tax Cryptocurrency Mining At 15% Rate

The government of Kazakhstan plans to introduce a 15% tax on cryptocurrency mining. According to Forbes, the Ministry of Economy hopes to tackle COVID-19 by funding countermeasures through similar taxes. The accumulated tax revenues will help restore the country's "infrastructure" and combat the impact of the pandemic on the Kazakh economy.

In addition, the government is seeking to regulate cryptocurrency mining activities in line with the new electricity tariff rules that were recently introduced in the country. Officials said that roughly 6% of the world's first cryptocurrency hashrate comes from Kazakhstan.

It is also worth noting that there is a surge of activity in the field of cryptomining in the Republic of Abkhazia, despite the fact that since 2018 such activities are considered illegal. Over the past six months, more than $589,000 worth of mining equipment has crossed the border, customs officials said.

Image courtesy of Kryptomoney