From 1 January 2024, amendments to the tax legislation aimed at reducing the financial burden on cryptocurrency exchanges and mining enterprises will take effect, according to местные СМИ.
Registered trading platforms in the country are exempt from value-added tax on operations with digital assets.
For miners, a fixed tariff of 2 tenge per kWh for electricity consumption is introduced.
Moreover, for companies mining cryptocurrency on their own generating capacity, the charge falls from 10 to 1 tenge per kWh.
The amendments were proposed by the Kazakh Association of Blockchain Technologies and Data Center Operators to boost the competitiveness of local entrepreneurs in the crypto market. The corresponding law was signed by President Kassym-Jomart Tokayev on 12 December.
Earlier, eight mining companies in Kazakhstan filed a complaint to the president about the ‘dire state’ of the industry, calling for a review of electricity tariffs and tax policy.
According to the Finance Ministry’s calculations, in 2022 Kazakh miners paid $6.7 million in taxes.