Kazakhstan President Kassym-Jomart Tokayev is proposing a hike in cryptocurrency mining taxes, just weeks after the country imposed tariffs on the industry.
- Tokayev said the prevailing rate of 1 Kazakh tenge or $0.0023 per kilowatt of power is negligible, and taxes should be hiked urgently. He also called on the government to submit a full proposal on crypto mining regulation by April 1.
- First Vice Minister of Finance Marat Sultangaziyev said the updated rate could be as high as 5 tenge per kilowatt-hour, with the country hosting crypto miners who exited China after its crackdown on the industry last year.
- The government is looking to address unregistered and unlicensed mining operations, with the Financial Monitoring Agency ordered to establish a list of all mining firms and check their records by March 19.
Kazakhstan has previously experienced power shortages, attributed to the influx of cryptocurrency miners.
BTC is up 1.86%, ETH down 0.15%, and XRP up 9.43%.