Kazakhstan Plans To Attract Crypto Investments

Kazakhstan is going to attract investments in the amount of about $740 mln over the next three years through various businesses related to the crypto industry. Askar ZHUMAGALIYEV, Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, unveiled a plan to address the upper house of the Kazakh parliament.

During the parliamentary session in a discussion of a possible ban on the release and distribution of cryptocurrencies, Zhumagaliyev emphasized the progress of countries such as the United States, Sweden and South Korea in the field of crypto mining. The minister also noted that this sector is also growing in Kazakhstan, as there are currently 14 crypto mining farms in the country, which have already brought about $201.7 mln of investments.

The draft law discussed at the parliamentary session does not prohibit crypto mining activities in the country. Recall that in December 2019, Kazakhstan lawmakers announced that they would not tax the income from crypto mining. This was due to the fact that Kazakhstan considered crypto mining not as business operations but as a purely technological progress.

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