According to local media reports, Kazakhstan’s Minister of National Economy Alibek Kuantirov has announced the authorities’ plans to tie the tax rate for miners to the cost of cryptocurrencies.

According to him, the ministry is exploring the possibility of increasing the tax burden for mining digital assets:

“Currently, it is also being considered to tie the miners tax rate to the value of the cryptocurrency. If the cryptocurrency grows, it will be good for the budget.”

Alan Dorjiev, Head of Kazakhstan National Blockchain and Data Center Industry, explained in a comment to ForkLog that this refers to the relationship between the price of bitcoin and the tax per 1 kWh consumed for its production:

“Graduation is being considered – up to $40,000 for example [цена биткоина] one tax, another tax over $40,000, etc. But it’s still open to debate.”

He noted that the issue of the issuance and taxation of other cryptocurrencies has not yet been raised.

Recall, in February, the President of Kazakhstan Kassym-Jomart Tokayev ordered an increase in mining taxes. The Ministry of National Economy suggested that the tax rate be increased 10 times.

At the same time, electricity supply to registered miners was stopped in January. According to Dordzhiev, they have not restarted so far.