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06/12/19 05:28 UTC-5

Miners of Kazakhstan will not pay taxes

The government of Kazakhstan considers cryptocurrency miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
not as an entrepreneurial activity, but rather as a technological process. The intentions of the country's authorities were announced by Madi Saken during the “Blockchain Day” conference, according to the report.

 

Kazakhstan encourages “mining for itself”

Madi Saken, a legal analyst at the Association of Data Centers and Blockchains in Kazakhstan, made public the information at the aforementioned conference in Nursultan.

Saken stressed that the government will consider taxation only after exchanging cryptocurrencies for paper money. For example, cryptocurrency was sold on the exchange, receiving fiat funds. In this case, mining would require taxes.

In accordance with the bill, cryptocurrency mining is recognized as entrepreneurial activity if the parties provide computing facilities used for cryptocurrency mining

Interesting in the section: What will happen when 21 million Bitcoins are mined?

See also: "IMF requires Georgia report on cryptocurrency mining"

#Kazakhstan #mining #taxation #bill #cryptocurrency

Editor: Daria Mukhina
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