Foreign media: Kazakhstan will not impose taxes on crypto mining

Madi Saken, a legislative analyst at the National Association of Blockchain Development and Data Centers of the Republic of Kazakhstan, said that cryptocurrency mining will not be considered a corporate activity but rather a “pure technological advancement,” local business publication Kursiv reported Dec. 4.
According to the report, Kazakhstan’s lawmakers have completed a draft law on crypto taxation. The bill is currently being reviewed by the Presidential Office and will allegedly be sent to the lower house of Kazakhstan’s bicameral parliament in December 2019. The proposed law will establish the legal status of cryptocurrency mining as well as its taxation regulations. According to Saken, digital assets and cryptocurrencies will not be taxed because tax liabilities only apply to income earned in “real money.” Therefore, tax laws only apply when cryptocurrencies are exchanged for fiat currency. As of now, the organization has not responded to the report. (Cointelegraph)