Official and unofficial mining – Like many nations in the world, the Kazakhstan is in a hurry to get out its own central bank digital currency (MNBC). But unlike most, he doesn’t totally neglect any either. Bitcoin (BTC). So the mining of the king of cryptocurrencies is very clearly framed in the country. A new law reinforces this distinction between good ” And ” bad » crypto miners.
Bitcoin Mining Obligations Get Tougher
Whether heavy regulatory chainss were seen landing on the miners of the network Bitcoin in Kazakhstan, their weight again comes from get heavier. Indeed, as Cointelegraph reports, a new digital assets law was approved and ratified by the President Kassym-Jomart Tokayev, Monday, February 6, 2023.
In its latest validated version, this text provides for a new obligation for crypto miners. It concerns the resale “of at least 75%” of their mining revenue to crypto exchanges duly approved by the Kazakh state.
“In case of sale of digital assets, obtained as a result of digital mining on the territory of the Republic of Kazakhstan, these assets are subject to mandatory sale through digital asset exchanges licensed by the International Financial Center in Astana . This, for an amount of at least seventy-five percent, in accordance with the rules for submitting information on the income of digital miners and digital mining pools, for tax purposes. »
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Hunt down “bad payer” crypto miners
The obvious purpose of the maneuver is that the miners no longer resell discreetly their BTC and other cryptocurrencies from the mining of blockchain networks in Proof of Work (PoW). For example, on foreign crypto exchangeswhich the Kazakh tax authorities would potentially find difficult to trace.
THE ” bad » minors, seeking tax evasion, will have to go to the tax office, or go underground/total illegality. As to ” good » minors, they will therefore have to get naked on their bitcoin earnings.
However, this obligation to resell to approved platforms will only come into force from 1er January 2024. And, thing to note, it will not remain only a year in application, that is to say, until 1er January 2025. After that, the tax authorities of Kazakhstan will have a good overview of income crypto miners. Just to prevent them from having the bad idea of under-declare said income, to pay less tax…
If Bitcoin and cryptocurrencies were once denigrated and rejected by states, things have started to change. If, for the most part, governments continue not to like crypto-assets too much (too decentralized), some have perfectly understood the juicy taxable financial windfall that they generate. To “celebrate” the new year 2023, theItaly has for example announced to crypto-enthusiasts that they will now pay 26% tax on their capital gains of digital assets.
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