Kazakhstan’s 1st Vice Minister of Finance, Marat Sultangaziyev, lately proposed to see the government boost the electricity expense by 335%. If it happens, it means that crypto miners in the country would no longer pay a flat price of $0.0023 per kWh and the electricity rate would instantly be $0.01. The proposal also incorporated a tax on mining appliances. Crypto mining equipment should be taxed as the casinos are. Presently, the country’s VAT exempts crypto mining hardware from its list. Kazakhstan would become an undesirable desirable option for crypto miners.
Kazakhstan became a stable and cheap energy supply location for crypto miners after China withdrew noting
environmental problems. The country established itself as a major supporter of the bitcoin hash rate. Last year Kazakhstan was placed in 2nd position, after America. The sudden shutdown of the internet affected the mining activities and the mining hash rate dropped by over 10% for a short period. The new proposal would bitterly affect the mining firm.
Before inklings have provided an idea that 2022 will come with various regulations regarding the crypto industry around the globe. The International Monetary Fund, IMF, suggested that crypto regulations should be constant around the globe to better management. Hitherto, Thailand, Singapore and India have brought up various aspects of crypto tax laws.