Kazakhstan is planning to <a href="https://news.crypto.pro/kazahstan-planiruet-oblozhit-majnerov-kriptovaljut-nalogom-v-15/">impose</a> a 15% tax on Bitcoin miners with an aim to gain a sufficient boost in reserves to fight against the globally faced pandemic, Covid-19.
<h2>Taxpayers to register as cryptocurrency miners </h2>
The implied 15% tax on mining activities will include the practice of cryptocurrency into the existing tax filing process. Cryptocurrency miners will be unique taxpayers that stand very different in filing a tax return. The Ministry of Economy of Kazakhstan’s imposed bill will require the taxpayer to be registered as a cryptocurrency miner and will have to provide authentic information to the authorities in the form of an application, set the tax rate in the STI-025 form and provide tax data while registering in order to receive a registration card, says the report.
<h2>Favorable environment for cryptocurrency</h2>
According to a crypto research company Bitooda, Kazakhstan accounts for 8% of the total bitcoin hashrate globally. Due to its cheap electricity rates and non-regulated crypto market, Kazakhstan has always favored the local cryptocurrency miners.

The report also mentions, with the new electricity impositions, the country’s authority intends to manage cryptocurrency mining accordingly. 

Funds gathered by the imposition of this bill will ensure the nation's victory against coronavirus contributing to medical supplies and assistance, security, and infrastructure.

With the help of cryptocurrency mining, the country is intending to gather up to $738 million in investments in the next three years, says Kazakh digital development, innovation, and aerospace industry minister Askar Zhumagaliyev.

Kazakhstan, a central Asian country and the former Soviet republic has been fighting against coronavirus with a loss of almost 1300 lives due to the pandemic. 

The plan developed by the Ministry of Economics on cryptocurrency taxes would also contribute to the growing cryptocurrency industry along with fighting Covid-19.
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Kazakhstan plans to impose 15% tax on  Crypto Miners Amid COVID Crisis

Kazakhstan is planning to impose a 15% tax on Bitcoin miners with an aim to gain a sufficient boost in reserves to fight against the pandemic

Ashna is a graduate from Amity University specializing in Journalism and Mass communications. She is currently working as a content writer for Agio support solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.

Kazakhstan plans to impose 15% tax on Crypto Miners Amid COVID Crisis

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