UTC-05:00,Monday , December 09th 2019

Report Shows Kazakhstan Won't Tax Cryptocurrency Mining

13:05 Wednesday , December 04th 2019
According to a local business publication Kursiv reports on Dec 4, Madi Saken, senior coordinator for legislative work of the Association for the Development of the Blockchain and the Industry of Data Centers in Kazakhstan, he spoke about the draft law on the regulation of digital technologies. With the help of this bill, the legal status of digital mining will be determined, as well as its taxation.
"Mining will not be an entrepreneurial activity, but a purely technological process. Digital assets, cryptocurrencies will not be subject to taxation. Because tax liabilities arise when real money income appears, namely when the cryptocurrency was exchanged for real money, that is, it was sold on the exchange. And then directly this income in classical money will be directly subject to taxation," said Madi Saken.
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