Kazakhstan collects over $7 million in taxes from cryptocurrency miners in 2022 and 2023.
According to Sergey Putra, Senior Coordinator for Governmental Relations at the National Association of Blockchain and Data Centers Industry in Kazakhstan, the adoption of the law demonstrates Kazakhstan’s interest in the development of the crypto industry in general. At the same time, a number of problems, related to other laws or regulations, remain relevant, he noted, commenting for Bitcoin.com News on the effects of the legislative changes for the sector.
Sergey Putra also pointed out that the law’s implementation through by-laws is “extremely difficult and not in the direction of supporting miners and the crypto industry as a whole.” He expressed hope that these are temporary issues and that their solution would bring a new period of development for bitcoin mining in the country.
Kazakhstan became a crypto mining hotspot when China cracked down on the sector in the spring of 2021. Attracting miners with subsidized electricity, it ranked third in terms of average global monthly hashrate in January of 2022, as per data provided by the Cambridge Center for Alternative Finance. However, according to the Norway-based industry analyst Jaran Mellerud, Kazakhstan’s share has since shrank from a peak of 18% in October 2021 to just 4%, as of May 2023.
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