Kazakhstan in talks for $700 million investment in crypto mining

Kazakhstan is negotiating a 300 billion tenge ($714 million) investment in its cryptocurrency mining sector, according to the country’s Minister of Digital Development Bagdat Mussin.

Earlier in June, another Kazakh minister, speaking against a ban on cryptocurrencies during a parliamentary discussion, had claimed that the country could receive more than $700 million in investments for its cryptocurrency mining farms over the next three years.
Speaking at a government meeting, Mussin said the country has established 13 cryptocurrency mining farms and is working on building four more to attract more investment, Reuters reported on September 2.
Attesting to their progress, Mussin said that the mining centers that have been established have attracted a total investment of 80 billion tenge ($190 million). He further stressed that they have concluded a preliminary agreement to obtain another $714 million to strengthen cryptocurrency mining in the country.
As reported, Kazakhstan had enacted cryptocurrency tax regulations in 2019 in an attempt to support cryptocurrency-related activities. The tax regulations made gains from crypto mining tax-free as long as the coins were not converted into currency.
The law also outlines that Kazakh crypto mining companies will be required to pay taxes similar to data centers if they use their hardware to provide crypto mining services to others.
However, local laws only allow the mining of asset-backed cryptocurrencies and prohibit the mining of unbacked cryptocurrencies such as Bitcoin (BTC).

Source: Cointelegraph