Kazakhstan Ready for $700 Million Investment in Mining
Kazakhstan is one of the few countries worldwide which has focused in the crypto mining sector as a national economic policy for the next years. At this moment, there are 13 to 15 mining centers in the country while in the next 3 years, there are expected for another $700 million in new centers or expansion for the old ones.
The crypto mining investments are $190 million until now, according to a statement presented on the Parliament of Kazakhstan. The regulatory framework regarding cryptocurrencies changed in 2019 in the country, creating favorable conditions for the mining industry.
The profits from mining remain tax-free as long as they are not converted to fiat currency. The tax framework for operating a mining center is the same with the data center.
The next months will show if this strategy will be beneficial for the country and its economy.