Kazakhstan’s authorities have decided not to impose any taxes on mined cryptos, local news outlet Kursiv has reported.
According to Madi Saken, a legislative analyst of the National Association for the Development of Blockchain and Data Center Industry of the Republic of Kazakhstan (NABDC), the country’s authorities have decided that mined cryptocurrencies should not be considered as a business activity, but rather as a purely technological progress.
As announced yesterday at the local blockchain event "Blockchain Day", mined cryptos will not be taxed until they are exchanged for fiat money.
The country's legislators have already completed the draft of the bill that aims to regulate cryptos’ tax obligations. However, it has yet to be voted and approved by the lower house of the country's parliament, which should happen later this month.
Particularly, this bill is expected to clarify the legal status of crypto mining as well as how cryptocurrencies should be taxed.
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