The outgoing year 2023 will be remembered for very effective indicators for the Kazakh crypto industry and digital mining.
I will focus on the most significant events.
Through the efforts of our Kazakhstan Association of Blockchain Technologies and Data Centers:
1) On February 6, 2023, the relevant Law “On Digital Assets in the Republic of Kazakhstan” was adopted.
From now on, Kazakhstan’s digital mining and digital asset exchanges are licensed activities, their activities and income have become transparent and regulated;
2) On July 1, 2023, the Unified Electricity Purchaser model was introduced.
From now on, it is absolutely not true to say that miners pose any threat to the energy system. On the contrary, digital miners are an integral part of the normal operation of the Kazakh energy system.
3) On December 12, 2023, the Head of State signed a law introducing changes and additions to tax legislation.
As part of this Law, VAT on digital asset transactions will be abolished for crypto exchanges from January 1, 2024. Previously, Kazakh crypto exchanges were not competitive due to the obligation to pay VAT, because in all the laws of developed countries it is not practiced to charge VAT for the transaction of digital assets.
The fee rate for digital mining will also be revised from differentiated 26 to fixed 2 tenge when using 1 kW