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Kazakhstan Establishes IT Park for Bitcoin Mining with 0% Tax Regime
Astana, Kazakhstan - In a bid to attract more investors and establish itself as a hub for cryptocurrency mining activities, the government of Kazakhstan has established an IT park called Astana Hub under the premises of the Astana International Financial Centre (AIFC). The park offers a 0% tax regime on data centers that register and operate within its premises.
Low Electricity Prices and Clean Energy
Kazakhstan’s low electricity prices are another significant factor that makes it an attractive destination for data mining. The country’s electricity prices are not subject to high volatility, unlike those in China, which are affected by seasonal changes. Additionally, the country has a reliable power grid system operating on several reserve sources of energy.
- Kazakhstan plans to increase its share of renewable energy in total electricity production to 6% by 2025 and 10% by 2030.
- Currently, around 20% of the country’s energy comes from natural gas, which is cleaner than coal.
Opportunities for Chinese Crypto Miners
Although China prohibits cryptocurrency miners from relocating abroad, many Chinese miners are inquiring about registration and relocation issues in the AIFC. Kazakhstan has already listed several mining firms that operate under economic activity codes related to information and communication equipment management activities.
Government Support
The Kazakh government has been supportive of the growing digital economy, with recent amendments to legislation legitimizing mining and digital technologies. The government has also established a clearer legal framework for the circulation and operation of digital assets.
Bank Accounts for Cryptocurrency in Kazakhstan
The Kazakhstan Association of Blockchain and Data Center Industry has informed that crypto exchanges registered in the AIFC may soon start operating with local banks, allowing clients to openly and officially work with cryptocurrency. This move is part of a pilot project aimed at assessing and evaluating the benefits and risks of digital assets.
Kazakhstan Doubles Mining Investment
The country plans to double its digital currency mining investment and continue developing its central bank digital currency (CBDC). The AIFC intends to assist in the trial and establishment of a legitimate ground for Kazakhstan to implement its digital currency.
Registration in the AIFC
For organizations planning to register in the AIFC, our specialists can provide valuable assistance. Registration takes around 3-5 business days upon preparation and receipt of all necessary documents.
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