Kazak (Council of Europe)
Bitcoin News

Kazakhstan Likely To Impose 15% Tax On Bitcoin Mining To Fight Covid-19 Crisis

Kazak (Council of Europe)
Kazak (Council of Europe)

The novel coronavirus pandemic has brought the entire world to standstill. Business – small or large – have been effected severely, major sectors like airlines and automobiles have also been largely effected due to the fall is sale during the pandemic situations.

Ahead of the pandemic, countries, which were in bad shape financially have further seen the crisis increase due to the pandemic situation. However, in a bid to combat the crisis, Kazakhstan has proposed legislation that would see a 15% tax imposed on bitcoin mining firms.

The proposal has been brought into the fore by the country’s Ministry of Economy. It will see the new Bitcoin miners to first file an application for registration with the authorities, according to a recent report by a local Russian publication.

The 15% tax will be liable on the annually for the Bitcoin miners. The report also said that “the clause on registration makes the bill unique… the taxpayer working with cryptocurrencies stands apart from the very beginning of filing a tax return.”

The amount that will be raised through the taxes paid will be useful to raise necessary infrastructure to fight against the Covid-19 epidemic. In Kazakhstan, 1,300 people have been killed so far due to the deadly virus, with more than 100,000 infected, official data shows.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.