Kazakhstan’s president Kassym-Jomart Tokayev approved a new law that increases taxes on crypto miners based on the consumed electricity and costs.
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The law defines that the new tax rate is set by the medium rate of electricity used to mine cryptos during a certain tax period.
Also, there are benefits for miners who use green energy sources. They will be charged the least amount of tax, which is 1 Kazakhstani tenge per kWh regardless of the involved costs.
Kazakhstan has turned into a popular crypto mining hub after the Chinese government banned cryptocurrencies. However, the government made the rules stricter, requiring proper licensing to decrease the energy consumption in the country. Recently, Kazakhstan closed 106 mining operators and seized 67,000 pieces of equipment machines worth $193 M.