The government of the Republic of Kazakhstan for 2022 received 3.07 billion tenge (about $7 million) in taxes from miners.
The reason, according to local media, is the entry into force of amendments to the Tax Code.
According to the republican government, taxes collected from January to March 2023 from cryptocurrency mining amounted to 240 million tenge (more than $541 000).
This is slightly less than during the first quarter of last year, when the state treasury received 652 million tenge (about $1.5 million) from the miners.
The country will have a tax on mining based on the amount of electricity consumed from January 1, 2022.
In July, President Kassym-Jomart Tokayev signed a law amending the country’s tax code to increase the tax for those mining cryptocurrencies.
Recently the government of the republic announced plans to introduce new laws to crack down on illegal mining and tax evasion.
One of the proposals requires miners to sell at least 75% of mined cryptocurrency to exchanges registered in the special economic zone in Astana. The Republic is among the world’s leading bitcoin mining centers.
According to Cambridge Center for Alternative Finance (CCAF), in January 2022, Kazakhstan’s share of the Bitcoin network hashtag was 13.22%, second only to the United States (37.84%) and China (21.11%).