Kazakhstan’s Minister of National Economy Alibek Kuantirov said that authorities plan to link miners’ tax rates to the price of cryptocurrencies, local media report.
According to him, the ministry is studying options to increase the tax burden on digital asset mining:
“At the moment, tying miners’ tax rate to the price of cryptocurrencies is also being considered. If the cryptocurrency rises, that will be good for the budget.”
Alan Dordzhiev, head of the National Association of Blockchain and Data-Center Industry in Kazakhstan, explained to ForkLog what is meant by the dependence between the price of Bitcoin and the tax per kilowatt-hour consumed for its mining:
“There is a gradation being considered — for example, up to $40,000 [Bitcoin price] one tax, above $40,000 another tax, and so on. But this is still at the discussion stage.”
The question of mining other cryptocurrencies and taxation has not yet been raised, he noted.
Earlier in February, President Kassym-Jomart Tokayev ordered an increase in mining tax. The Ministry of National Economy proposed increasing the tax rate tenfold.
At the same time, electricity supplies to registered miners were halted as far back as January. According to Dordzhiev, they have not been restored to date.
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