The government of Kazakhstan has collected over $7 million in taxes this and last year from enterprises mining cryptocurrency in the country. The news comes amid growing regulatory pressure that is limiting the industry’s access to low-cost energy while increasing its tax burden.
Miners Face Higher Expenses, More Challenges Under New Legislation
Kazakhstan’s coffers have received 3.07 billion tenge (almost $6.9 million) in tax payments from entities involved in the minting of digital currencies in 2022, the State Revenue Committee of the Ministry of Finance announced, quoted by local media and the crypto news outlet Forklog.
Cryptocurrency miners in the Central Asian nation are required to pay taxes and fees since Jan. 1, last year. In 2023, they have already transferred 240 million tenge (almost $540,000) to the budget, by April 27. All due payments for the first quarter must be made by May 25, the finance ministry reminded.
On Feb. 6, this year, President Kassym-Jomart Tokayev si
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