Kazakhstan to mandate 75% revenue sale from crypto mining for tax purposes

Kazakhstan to mandate 75% revenue sale from crypto mining for tax purposes

Kazakhstan, one of the world’s biggest Bitcoin (BTC) mining hubs, announced plans to introduce new crypto regulations to reduce tax fraud and unlawful business operations.

A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct pieces of legislation, the first requires the secured digital assets issuers to have the government’s permission.

Moreover, such issuers will be subject to monitoring by the existing law of the land — “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism.” The law will enter into force from April 1, 2023.

The second legislation targets unsecured digital assets, typically earned through crypto mining operations. To reduce the possibility of tax evasion, crypto miners in Kazakhstan will be forced to sell at least 75% of their revenue via registered crypto exchanges. This rule, which aims to collect “information on the income of digital miners and digital mining pools for tax purposes,” will be effective from Jan. 1, 2024, to Jan. 1, 2025.

All crypto mining licenses in Kazakhstan are issued for a limited period of three years and differ based on whether or not the miner owns the mining facilities.

Related: Kazakhstan among top 3 Bitcoin mining destinations after US and China

Alongside introducing the above laws, Kazakhstan launched the pilot of its central bank digital currency (CBDC) project — the “digital tenge.”

In a report jointly published by the National Bank of Kazakhstan (NBK) and crypto exchange Binance, NBK deputy governor Berik Sholpankupov wrote about the bank’s vision of a “collaboration between traditional finance and DeFi,” adding:

“In Kazakhstan, we also started a practical R&D project to explore how our CBDC – Digital Tenge, can bridge the world of crypto with traditional fiat payments infrastructure.”

Previously, in October 2022, Kazakhstan’s Astana Financial Services Authority granted Binance a permanent license to manage a digital asset platform and provide custody services.

Put your Enics in your BNB wallet now at a launch quotation, and benefit of their whooping growth in the next months

Participate now to Enic Initial Coin Offer
and enjoy big earnings
in the forthcoming weeks

ARE YOU OPERATING ON YOUR MOBILE PHONE OR TABLET?

Copy the following address or scan it into your crypto wallet, and send to this address the amount of BNB you want to convert to ENIC

0x5c887F4518a95CdAfFe4E4B3AFDA00C2BB2BcD69

Or scan the hereunder QR code right away with your crypto wallet application

The BNB you will send shall instantly be converted to ENICs and will reach your wallet in few seconds

ARE YOU OPERATING ON YOUR DESKTOP?

(Chrome browser with Metamask or Trustwallet extension suggested)

Copy the following address or scan it into your crypto wallet extension, and send to this address the amount of BNB you want to convert to ENIC

0x5c887F4518a95CdAfFe4E4B3AFDA00C2BB2BcD69

The BNB you will send shall instantly be converted to ENICs and will reach your wallet in few seconds

OR

our community

Holders from
all over the world

Join right now our growing community in our Telegram channel, and benefit of the irresistible growth of Enic in the months ahead

0
People Joined
0 +
ICO SUBSCRIBERS
0
Energy
suppliers
en_USEnglish