Blockzeit
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
Buy Crypto
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Bitcoin News
kasakhstan

kasakhstan

Crypto Miners In Kazakhstan Face New Tax Laws

Aaron Moses by Aaron Moses
July 2, 2021
in Bitcoin News, Markets
Reading Time: 2 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

As crypto miners are concentrating more in Kazakhstan, the government is working on catching up. Now, the president of Kazakhstan introduced a surcharge for electricity used by crypto miners — the so-called Tax Code of the Republic of Kazakhstan.

At the moment, there are approximately twenty mining facilities in Kazakhstan. Crypto mining is already a highly expensive procedure with lot’s of overhead costs. Therefore, if taxes become too high in Kazakhstan, it might cause miners to find the place less congenial to their needs than they thought originally.

The new laws will be enacted at the beginning of next year. At the moment, there are approximately twenty mining facilities in Kazakhstan. After China banned all crypto mining back, many miners flocked to Kazakhstan which was already a popular place for farms. One of the largest Bitcoin mining companies in China, Bit Mining, has already delivered hundreds of machines to Kazakhstan.

Right now, Kazakhstan ranks in 4th place as one of the world’s crypto mining centers with a hash rate of over 6%. The country is known for it’s highly affordable electricity costs. In fact, it is the cheapest place to mine Bitcoin in the world. The President of Kazakhstan also takes very seriously the practice of renewable energy. At the end of may, he held a conference working with lawmakers to install a viable plan for renewable energy. The President said that he expects the renewable energy filed to grow enormously. The government has also developed a plan for incentives to provide businesses who use sustainable energy.

The government of Kazakhstan is eyeing regulation

The Prime Minister of Kazakhstan, Alikhana Smailova, last month released a document which revealed the government has considered at great lengths the crypto industry and has already developed proposals for how to regulate the industry. And some government officials in Kazakhstan have proposed that the government itself should control crypto exchanges. Also, in the document last month, it was revealed that exchanges will be required to meet certain standards in order to conduct business transactions.

Additionally, the Bank of Kazakhstan has already begun experimenting with a bank backed digital currency.

Final thoughts

Government officials in Kazakhstan are not oblivious to the cash cow that the crypto industry is. While they might appear friendly to miners and crypto busineses at the moment, it seems like their intentions come from opportunistic intentions.

If you enjoyed this article, you might also want to read Bank Of France Governor Moves Fast Against Crypto Market.

Aaron Moses
Aaron Moses

Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.

Previous Post

Decentralized liquidity underwriter KUU partners with BENQI to scale DeFi on Avalanche

Next Post

Brazilian Crypto Exchange Raises $200 Million In Fundraiser

Related Posts

images (5)

Gemini Expanding Into UAE Due To High Crypto Enthusiasm In The Country

by Ken Emmanuel
June 7, 2023
0

Throughout the entire year, centralized cryptocurrency exchanges have grappled with immense challenges, primarily driven by the formidable regulatory measures imposed,...

images (3)

Hong Kong Embraces First Digital’s Stablecoin Launch Amid New Laws

by Ken Emmanuel
June 7, 2023
0

First Digital, a prominent financial technology company, has taken a significant step to adapt to Hong Kong's evolving regulatory environment...

binance

SEC Takes Legal Action Against Binance and CEO Changpeng Zhao For Alleged Securities Violations

by Giancarlo Perlas
June 6, 2023
0

The world's leading cryptocurrency exchange, Binance, and its founder, Changpeng “CZ” Zhao, have become subjects of a legal battle as...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

SAVE 20% ON BINANCE FEES

Sign Up Here
No Result
View All Result
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.