The Kazakhstan government has imposed a new law that will see cryptocurrency mining taxed. The government published an official notice saying that the head of state had signed the law into effect late last month. The law will come into effect on January 1, 2022, and is expected to generate billions in the national currency tenge.
Kazakhstan joins the likes of Iran in taxing the mining industry, which is unsurprising given the lucrative potential for businesses that have the right equipment in sufficient quantities. Local media outlets have reported that businesses are opposed to the new taxation rules, with many saying that it could be the death of mining in the country.