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Kazakhstan aims to generate more than $ 740 million in investments through the crypto industry

June 16, 2020

The Kazakh government has set itself the goal of making a contribution Investments of $ 738 million to conduct mining activities related to cryptocurrencies for the next three years.

According to the Astana Times on June 16, the Kazakh Minister for Digital Development, Innovation and Aerospace Industry Askar Zhumagaliyev revealed the plan in a speech to the upper house of the Kazakh parliament.

On the trail of the USA and South Korea

He discussed during the parliamentary session a possible ban on the issuance and circulation of cryptocurrencies, Zhumagaliyev stressed the progress of countries like the United States, Sweden and South Korea in the field of cryptocurrency and digital mining.

Kazakhstan aims to generate more than $ 740 million in investments through the crypto industryKazakhstan aims to generate more than $ 740 million in investments through the crypto industry

He added that This sector is also growing in Kazakhstan. there the country currently has 14 cryptocurrency mining farms that have invested approximately $ 201.7 million.

“According to the report we created with international experts, We expect another 300 billion tenges ($ 738.4 million). over the next three years, “said Zhumagaliye.

Tax-free crypto mining

The bill for discussion during The parliamentary session did not prohibit cryptocurrency mining activities in the country.

In December 2019, Cointelegraph reported that Kazakh lawmakers would not levy taxes on cryptocurrency mining revenues Tax obligations only apply to “real money” income. That was because Kazakhstan did not consider crypto mining to be a business but as a purely technological advance.

It was also found that mining companies that used mining hardware to generate crypto continued to be taxable the same way as data centers.