According to the reports from the local media, the government of Kazakhstan got 3.07 billion tenges (approximately $7 million) in tax payments from crypto-mining platforms in 2022, stated Cointelegraph. It is estimated that this incident took place after the law related to the fiscal burden of mining cryptocurrencies was amended and executed.
According to the preliminary data by the government, the mining fees collected by April 27, 2023 was about 240 million tenges, which amounts to over $541,000. It is expected that the amount is much less than the fees paid in the first quarter of 2022, which amounted to 652 million tenge (~$1.5 million), added Cointelegraph.
Sources revealed that during the 2021 bull market, many foreign mining operators shifted to Kazakhstan, eventually announcing the beginning of a uenequal relation between the miners and the country. After the fall in the mining activities of China in November 2021, over 87,849 rigs is expected to be brought in the country, Cointelegraph highlighted.
Furthermore it is believed that the government of Kazakhstan had announced about the introduction of new crypto rules for reducing the illegal buisness operations and tax fraud, Cointelegraph concluded.
(With insights from Cointelegraph)