Kazakhstan’s President Kassym-Jomart Tokayev has signed a new law this week imposing an additional tax fee for energy utilized by crypto miners operating in the country.
The new law will charge cryptocurrency miners an additional fee of 1 Kazakhstan tenge ($0.00233) per kilowatt-hour. The additional tax levy is part of a series of legislative amendments to the national tax code concerning crypto miners.
Albert Rau, Chairman of the committee for economic reform and regional development, said that the main purpose of the new legislation is to regulate the crypto mining industry and “bring it out of the shadows.”
Members of Kazakhstan’s National Association of Blockchain and Data Center Industry disagreed with Rau saying that the decision “will have a very negative impact on the investment attractiveness of the industry.”
The Kazakh parliament passed the bill in mid-June. The new fees will take effect starting in January 2022.
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