The administration of the President of Kazakhstan directed to the consideration of a bill that defines the legal status of mining and especially its taxation. This was during a conference Blockchain Day said senior coordinator of the legislative work of the Association for the development of blockchain and industry data centers of Kazakhstan MADI Saken, according to local newspaper Italic.
According to him, the document considers mining as a «purely technological process.» Business activity mining of cryptocurrencies will be considered only in case of rendering of services on provision and use of computing resources for mining.
In particular, we are talking about mining data centers, which will be taxed as ordinary data centers.
«Crypto-currencies will not be subject to taxation. Because the tax obligation arises when there is income in real money, namely, when crypto currency was exchanged for real money, that is sold on the exchange. Directly this income will be subject to taxation», — said Saken.
He also added that the bill will be sent to the Majilis, the lower chamber of Kazakhstan’s Parliament later this month.
We will remind, last year the international financial center «Astana» has developed and approved the Concept of market regulation of virtual currencies and private placement securities.