Kazakhstan May Tax Crypto Mining At a Flat-Rate of 15%

[newshunter]

Kazakhstan May Tax Crypto Mining At a Flat-Rate of 15%

Kazakhstan’s Ministry of the Economy wants to tax crypto mining in an effort to deal with the COVID-19 pandemic.

Source: Kazakhstan May Tax Crypto Mining At a Flat-Rate of 15%

Would appreciate your opinion about this

[Noverteno]

Fifteen percent of mining in cryptocurrency is, in principle, the average tax. However, all the same, some miners may not be satisfied with such conditions and they may move to Belarus, where cryptocurrency mining is exempt from tax. Even some miners from China have moved to Belarus. In addition, the climate in Belarus is much cooler and this is more suitable for miners.

[Astra]

Although the amount of taxation of 15 percent is not very large, taxation can still scare miners away or force them to go into the shadows. In any case, it is unlikely that they will come to this country for this from other regions.

[TomPluz]

Kazakhstan should think twice before imposing such a tax requirement or make sure that miners are getting non-financial benefit package in return or these miners will definitely be looking for location alternatives, and then at the end it can be a big loss for the country. I am sure these miners right now are already thinking of relocating somewhere where they can find better conditions and of course more chance to make more profits. This is all about money, the government is now getting creative to find revenues while miners are thinking how their pockets can be spared.

[Delgado]

Although this is not a very high tax rate, its very presence will scare away miners from other countries. Earlier, even from China, they came to Kazakhstan to mine bitcoin and other cryptocurrencies. Considering the hot climate of this country, which is rather bad for mining, Kazakhstan will lose its attractiveness for miners.