R6AWTCRQT5GQBBCQAAJLW2LQNY 2 Kazakhstan President Signs Crypto Mining Tax Hike Into Law

Kazakhstan President Signs Crypto Mining Tax Hike Into Law

– The government of Kazakhstan has amended a law to increase the tax on cryptocurrency mining.

– The new tax rate will be determined by the average price of the electricity consumed to mine coins during a certain tax period.

– The law effectively brings the price of electricity including tax to around 25 tenge, or 5 cents, per kWh with some exceptions.

– Miners that use their own electricity, an example of behind-the-meter consumption, will pay 10 tenge per kWh in taxes, whereas those who use renewable energy that they produce will pay 1 tenge per kWh.

– The amendments will go into effect on Jan. 1.

R6AWTCRQT5GQBBCQAAJLW2LQNY Kazakhstan President Signs Crypto Mining Tax Hike Into Law
Kazakhstan President Signs Crypto Mining Tax Hike Into Law 3

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