Kazakhstan developed a bill on taxation of mining and crypto

by in Cryptocurrency News

Kazakhstan taxation mining

A bill defining the legal status of mining and the features of its taxation has been sent to the presidential administration of Kazakhstan for consideration. This was announced during the Blockchain Day conference by Madi Saken, senior legislative coordinator for the Association for the development of the blockchain and data center industry of Kazakhstan, the local edition Kursiv reports.

According to him, the document considers the mining as a "purely technological process." Cryptocurrency mining will be considered an entrepreneurial activity only in the case of the provision of services for the provision and use of computing resources for mining.

In particular, we are talking about mining data centers, which will be taxed like ordinary data centers.

Related: 7,000 bitcoin miners confiscated during police raid in China

“Cryptocurrencies will not be subject to taxation. Because tax liabilities arise when real money income appears, namely when the cryptocurrency was exchanged for real money, that is, it was sold on the exchange. This income will be directly subject to taxation,” Saken emphasized.

He also added that the bill will be sent to the Majilis, the lower house of the Kazakh parliament, this month.

Recall that last year, the Astana International Financial Center developed and approved the Concept for regulating the virtual currency market and private placement of securities.