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Kazakhstan's Crypto Decree: Tax Breaks and Stablecoin Rules
Kazakhstan exempts crypto gains from tax if users move holdings to regulated platforms. Excess state electricity goes to mining. Deputy PM says goal is to attract global capital.
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Kazakhstan President Kassym-Jomart Tokayev signed a decree on July 7 that creates a regulatory framework for digital assets, including stablecoin use and tax exemptions for crypto gains. The document also sets rules for allocating excess state electricity to crypto mining.
The decree was prepared by the Ministry of Artificial Intelligence and Digital Development, the National Bank, other government agencies, and the Astana International Financial Center, according to a ministry statement. It aims to build a 'modern regulated' crypto market to boost investment and adoption.
A centerpiece is the exemption of individual income tax on revenue from cryptocurrency transactions. There is a catch. Users must disclose their crypto holdings on foreign unregulated platforms and shift those holdings to domestic regulated venues to qualify for the tax relief.
The decree also creates a mechanism for allocating surplus electricity generated by the state to crypto mining. The ministry described this measure as a way to stimulate regional investment and promote more efficient energy consumption.