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Astana, Kazakhstan • 26 May 2022

Taxes Bite: How Much Will Cryptominers Pay in Kazakhstan?

Three-to-tenfold tax raise for most miners confirmed at Majilis meeting

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gov.kz; unsplash.com
gov.kz; unsplash.com

Sweet bill, bitter tax

"Differentiated rates are proposed to equalize the load and discourage consumption of our own electricity: the lower the cost of electricity, the higher the rate of payment." 

Alibek Kuantyrov, the Minister of National Economy

Crypto goes green?

"Unfortunately, Kazakh companies do not make fabulous profits to be able to pay a 10-fold increase in taxes. The main margin in the mining industry belongs to business owners, who are often foreign investors. The Kazakh companies are mainly representing the hosting business. As a result, what do we have from the planned innovations? After increase of tax on mining, foreign investors will most likely leave our market, and domestic companies will be left in losses, without having a chance to recoup their investments and deprive average Kazakhstani citizens of a source of income."

Alan Dorjiyev
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The Qazaqstan Monitor is a website informing about events in business, creativity and achievements in Kazakhstan and Kazakhstanis abroad. When working with materials of The Qazaqstan Monitor website, only 30% of the text with obligatory hyperlink to the source is allowed. When using full material it is necessary to obtain the editors’ permission. The Qazaqstan Monitor editors do not always share the views of the authors of articles. In case of violation of the terms of posting materials, the editorial staff of the site has the right to resolve disputes in a lawful manner.