/Kazakhstan Decides not to Tax Cryptocurrencies

Kazakhstan Decides not to Tax Cryptocurrencies

kazakhstan

  • No tax on crypto mining in Kazakhstan until crypto is converted to fiat

In a bold move, the Kazakhstan government has announced that it won’t target cryptocurrency for taxation purposes in its territory until it are converted into fiat currency. The move was reported by a local business publication named Kursiv.

According to the reports, a legislative analyst at the National Association for Development of Blockchain Industry of Data Centers (NABDC) named Madi Saken announced the development at a local blockchain event, Blockchain Day, held on 4 December.

According to the local report, the Kazakh government has agreed upon a draft law for crypto taxation. The bill is now in front of the president for further consideration and then if signed will be given to the Mazhilis, or the lower house of the Kazakh parliament for final approval later in December 2019.

The suggested legislation will try to recognize the cryptocurrencies as well as crypto mining in legal terms and then determine taxation figures. According to Saken, neither the cryptocurrencies nor their mining exploits will be considered for taxation until they are converted to fiat currency or “real currency”.

Cryptocurrency mining, on the other hand, will be considered a business activity and will be taxed according to the current taxation rates set for the data center industry in the country.

 

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