Tokayev endorses a new policy that requires crypto investors to pay extra mining cost

Tokayev endorses a new policy that requires crypto investors to pay extra mining cost

The president of Kazakhstan has recently approved a new regulation that demands extra tax from those who mine cryptocurrency. From next year, the recent regulation will require investors to pay an additional charge for power consumed during the operations.

Kassym-Jomart Tokayev, the current president of Kazakhstan,  newly endorsed another policy that compel miners to pay an extra charge for power consumed due to crypto-related operations in the region. This additional charge will commence in the first month  of next year.

According to Kursiv, a native news outlet, the rule demands an extra cost of one Kazakhstan tenge (equivalent to $0.00233) for 1KWhr power consumed during the operation. This is among the various modifications in rules and regulations of the country’s tax code associated with the cryptocurrency industry. The bill was passed earlier this month by the country’s parliament.

The chairperson of regional development and the reformation of the economy committee, Albert Rau, noted that the primary reason for the additional rule is to control the crypto industry and make its operation open. The group head is also a past 1st Vice-Minster of the country’s investment and development ministry and also the inventor of the recent regulatory idea.

Kazakhstan is presently a major arena for crypto transactions. Based on information from the Cambridge Bitcoin Electricity Consumption Index, the nation, Kazakhstan is rated as the 4th-biggest nation worldwide in the area of total BTC hash rate.

Canaan and other great cryptocurrency mining firms have been changing the location of their crypto transactions to Kazakhstan amidst increased enforcement of policies concerning crypto transactions by Chinese regulators.

Recently, BTC.com, a prominent mining arena in China, has transferred some of its traders to Kazakhstan.



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