Kazakhstan – among the top-leading nations worldwide in crypto mining with a history of anti-crypto attitude, has reportedly made significant strides closer a comprehensive fiscal framework for mining operators. 

Specifically, on May 25, the lower chamber of Kazakh parliament, Mejlis, reportedly granted their approval for the first reading of the amendments to the national tax code, which aims to offer regulations to the fiscal burden on crypto mining. 

Said amendments reportedly recommended graded tax rates associated with the electricity prices consumed by mining establishments.

For instance , the electricity grade in the lowest price tier – 5 to 10 tenges ($0,012–0,024) for Kwh – would be accompanied with an extra burden of 10 tenges ($0,024). For 10–15 tenges ($0,024–0,036) per Kwh, the tax would be 7 tenges ($0,017) and for 20–25 tenges ($0,048–0,060) per Kwh — 3 tenges ($0,0072).

The adjustments have been proposed reportedly overstride the previous project that aimed to increase the price for electricity from $0.0023 per Kwh to $0.01 for crypto miners, issued by Kazakhstan’s First Vice Minister of Finance Marat Sultangaziyev in February this year.

The chamber further revealed that the amendments are have an additional target of developing a stimulus for using renewable sources of energy. When it comes to green energy, the tax would be only 1 tenge ($0,0024) with zero regard to the electricity cost.

As disclosed by Kazakh Economic Minister Alibek Kyantyrov, the solutions are drafted with a primary intentions of “leveling the load and de-stimulate the consumption from private sources of energy”.

Back on April 29th, the country’s Minister of Digital Development reportedly made it mandatory for crypto mining entities to offer data related to electricity consumption, as well as “technical specifications” for connection to the power grid 30 days prior to operations commencement.