Kazakhstan’s lawmakers won’t be taxing cryptocurrency mining until the mined crypto is exchanged for fiat money. According to a legislative analyst at a local blockchain association, cryptocurrency mining will not be treated as entrepreneurial activity but rather a “purely technological process,” local business publication Kursiv reports Dec. 4. Madi Saken, legislative analyst at the National Association for the Development of the Blockchain and the Industry of Data Centers of the Republic of Kazakhstan (NABDC), reportedly announced the news at a local blockchain event “Blockchain Day” on Dec. 4, news which Saken has confirmed in an email to Cointelegraph. Tax liabilities …
Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space. As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress. According to the proposed amendments, tighter rules on crypto reporting requirements could provide $28 billion in additional funding for the government. However, Senator Patrick Toomey is among a group of senators who have warned of the broad language used in the expanded crypto tax policy. According to a Washington Post article, Toomey …
Kazakhstan’s government is forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country. State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the prime minister of Kazakhstan. Officials have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards, by which crypto exchanges can interact with local banks and clients. The new initiative aims to provide transparency and organization for the …
The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs, where Congress and the Internal Revenue Service (IRS) hope to scoop up enormous tax dollars. This reporting regime is projected to rake in an astounding $28 billion over the next ten years. No other provision in this massive recently enacted federal law is supposed to produce tax dollars that are even close. If you don’t think that means the IRS is coming for your crypto in a very big way and that Congress is trying hard to facilitate it, think again. The crypto community was outraged when …
The government of Kazakhstan has laid out new reporting requirements for cryptocurrency mining operators with a keen eye on how the industry’s energy usage affects the local power grid. The order, published by the country’s Minister of Digital Development earlier this week, compels digital mining businesses to provide comprehensive information 30 days before starting operations. The electricity consumption and “technical specifications” for connection to the power grid must be provided before commencing operations. The amount and type of mining equipment used, the customs cargo declarations for that equipment and any investments planned for the next 12 months must also be …