After Raking in $200M, Kazakhstan Now Plans to Attract $740M Investment from Crypto Mining

Kazakhstan is planning to attract 300 billion tenge (about US$740 million) of investments from cryptocurrency mining in the next three years, said the Minister of Digital Development, Innovation, and Aerospace Industry Askar Zhumagaliyev.

Last week, while addressing the Senate, the minister shared his plan, as per the local media reports.

A draft bill regarding the regulation of digital currencies was also discussed on the floor which bans the issue and circulation of digital currencies “except as otherwise provided by law.” It doesn’t ban crypto mining though.

While addressing the bill, Zhumagaliyev pointed out the growth of the cryptocurrency sector in the United States, Sweden, and South Korea. He also noted the 14 digital farms in Kazakhstan, mostly located in the country's northern regions and in Pavlodar, East Kazakhstan Regions, and Uralsk.

These farms are built near energy sources and have already brought in 82 billion tenge (just over US$200 million) of investment in the country. Zhumagaliyev said,

“According to the report that we have prepared with international experts, we expect another 300 billion tenge (US$738.4 million) in the next three years as digital investments and in general, the further development of digital mining.”

Back in December 2019, there have been reports that Kazakhstan lawmakers won’t be taxing income generated from crypto mining.

This was because the country considers crypto mining as technological progress and tax liabilities are applied to the income made in “real money.” But at the same time, it noted that mining farms using mining hardware to offer crypto mining services will be susceptible for taxation just like data centers.

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