Crypto Miners Blame ‘Exorbitant Taxes’ for Kazakhstan Exodus
Licensed crypto mining companies
have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the
Central Asian nation by
the end of this year, warned the members of the industry.
Crypto mining businesses, authorized to operate in Kazakhstan,
have complained about the high production costs since the government limited their access to subsidized electricity and imposed a progressive scale for a surcharge they are
required to pay for the power they use.
The miners highlight that their activities are carried
out under license, their data centers
are legally connected to the power grid and their computing equipment is
duly registered.
The crypto firms also point out that they have
voluntarily cooperated with the government in its attempt to regulate the market but noted that the positive effect of this is being undermined by the
“ineffective and unbalanced” tax policy, Kazakhstan’s Digital Business news portal reported.
