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

The government of Kazakhstan has set a goal of providing $738 million in investments for cryptomone-related mining activities over the next three years.

According to the Astana Times on June 16, Kazakhstan’s Minister of Digital Development, Innovation and Aerospace Industry, Askar Zhumagaliyev, revealed the plan in an address to the upper house of the Kazakhstan Parliament.

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Following in the footsteps of the United States and South Korea
During the parliamentary session that discussed a possible ban on the issuance and circulation of cryptomoney, Zhumagaliyev highlighted the progress of countries such as the United States, Sweden and South Korea in the field of cryptomoney and digital mining.

He added that this sector is also growing in Kazakhstan, as the country currently has 14 cryptomint mining farms that have contributed approximately $201.7 million in investments.

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

Tax-free cryptology

The bill under discussion during the parliamentary session did not prohibit crypto-currency mining activities in the country.

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In December 2019, Bitcoin Trader reported that Kazakhstan’s legislators would not impose taxes on revenues generated from cryptomint mining, as tax obligations only applied to „real money“ revenues. This was because Kazakhstan did not consider cryptomining as a business activity but as a purely technological progress.

It was also noted that mining farms that used mining hardware to generate crypts were still taxable in the same way as data centres.