Tax increase on cryptocurrency mining in Kazakhstan

Parliament approves new law draft on cryptocurrency miners

Deputies unanimously adopted the “Draft Law on Digital Assets of the Republic of Kazakhstan” and its amendments to the five accompanying legal regulations.

It was stated that the draft law, prepared by Ekaterina Smyshlyaeva, a member of the Economic Reform and Regional Development Committee and deputy, was prepared in line with the directives of the President of Kazakhstan on digital mining and the main purpose of the law draft is to establish a legal framework for the production and circulation of digital assets.

Smyshlyaeva “With this law draft, cryptocurrency miners will be registered as legal entities and become taxpayers. Crypto mining pools will also be part of the economy now.” said at the plenary session of the Assembly.

The licensation process for miners is planned to be issued by the Ministry of Digital Development. It was stated that crypto exchanges will be located in the International Financial Center but it will not be legally possible to pay with crypto money in Kazakhstan, while crypto exchanges will only be able to perform their transactions within the financial center and crypto currency miners will have to exchange 75% of their income on domestic crypto exchanges. All of these obligations will apply by 2024.

According to unofficial records, more than a million citizens of Kazakhstan are registered on international crypto exchanges and almost all of these people trade cryptocurrencies.

Smyshlyaeva, “Almost all crypto money transactions are carried out in shadows but now we will enter a transparent period by transferring all transactions to the Kazakhstan stock market.” said.



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