Almaty. August,5. Information center - The
upcoming Kazakhstan crypto taxes will aim to regulate the country’s burgeoning
crypto mining industry. The authorities plan to impose 15 percent taxes in an
effort to shore up reserves in the fight against COVID-19 pandemic,
Approximately 6 percent of the worldwide BTC mining hashrate
comes from Kazakhstan, making it a significant player in the global arena.
Kazakh BTC miners have long enjoyed an uninterrupted reign of high-profit
margins on the back of low electricity charges and an unregulated crypto
market. All this is set to change as Kazakhstan crypto taxes are set to kick in
with the government working to raise money for Coronavirus recovery.
Interestingly, Kazakhstan is second only to China when it
comes to BTC mining hashrate share globally. The year 2020 saw authorities in
many countries draft crypto-related regulations and even impose taxes on
cryptocurrency mining operations.
As per local media reports, Kazakhstan crypto taxes would be
capped at 15 percent. The proposed draft aims to include crypto mining
activities in the present tax filing forms and procedures. The official
document mentions the crypto taxpayer must register himself by filing a
registration application at the place of registration and subsequently file the
appropriate taxes as calculated.
The plan has been drafted by the Kazakhstan Ministry of
Economy. What makes the draft unique is the registration clause. The taxpayer
would register as a crypto miner, provide all the relevant information to the
tax authorities by applying, set the tax rate while filing the form STI-025,
and receive a copy of the registration card. The crypto taxpayer is
differentiated right at the beginning of tax filing.
Besides the upcoming Kazakhstan crypto taxes, the country’s
authorities are also planning to regulate the crypto mining as per the latest
electricity tariff rules. This will ensure that mining farms do not exploit
Kazakhstan crypto taxes are part of the country’s efforts to
fight against the Coronavirus. The revenues so generated will help the country
build infrastructure to face the raging pandemic. The new tax
regulations also point towards a much more regulated crypto industry
in the Asian nation.