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Crypto News Today – Kazakhstan President Signs Crypto Mining Tax Law!

Crypto News Daily: Increasing electricity usage causing an electric shortage in Kazakhstan draws national authorities’ attention. President of Kazakhstan, Kassym-Jomart Tokayev, signs a law amendment to the tax code, raising per kWh cost!

  • Until February 2022, the cost of 1 Kazakh tenge (US$0.0021) per kilowatt of power was near-negligible.
  • The new signed range will require crypto miners to pay a tax of 25 tenges per kWh after consuming more than 24 tenges per kWh resources at 1 Kazakh tenge.

» Kazakhstan Crypto Mining Tax Code Defines Range & Cost Per kWh!

The Kazakhstan authorities are attempting to crack down on Crypto miners who fled from China after the latter announced a complete crypto ban. The new Kazakh amendment levies applicable tax rates on the crypto miners, even those who use self-generated or behind-the-meter electricity.

  • The new Kazakhstan Crypto Mining Tax Rates are almost equal to that of countries like the US and Canada.
  • Crypto miners using behind-the-meter electricity resources would need to pay a tax of 10 tenges per kWh.
  • Alternatively, crypto miners using renewable energy will be liable to pay a tax of 1 tenge per kWh.
  • In March, Kazakhstan closed over 106 mines, confiscating more than 67,000 rigs worth over $192 million.
  • Kazakhstan is considering commencing the testing of its project for the creation and operation of cryptocurrency exchanges in the Astana International Financial Center (AIFC).

» More Crypto News Today!

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→ South African Reserve Bank (SARB) Outlines Crypto Framework!

The previous stance of the South African Reserve Bank (SARB) to not regulate crypto is being reconsidered. The Regulatory Framework Governing the Crypto transactions is now under development, as per the deputy governor of SARB, in an event organized by the Fintech firm PSG Konsult.

  • Kuben Naidoo, the deputy governor of SARB, oversees the following six departments.
    • Economic Statistics department
    • National Payment System Department
    • Fintech Unit
    • Financial Stability Department
    • Compliance Department
    • Risk management Department
  • SARB aims to create realistic regulations that ensure anti-money-laundering legislation with controlled adherence to crypto exchanges in the nation.

→ US Treasury Committee Announces Crypto Assets Inquiry

Treasury Select Committee today announces its inquiry into existing crypto assets in the market regarding their risks and opportunities. The Committee demands written evidence submissions from stakeholders of digital assets within the crypto-asset industry.

  • The written evidence must be submitted to the Committee’s web portal by 5 pm on Monday 12 September 2022.
  • The much-anticipated Markets in Crypto Assets (MiCA) law by the Parliament is expected to be effective until the end of 2023.

→ Sri-Lanka Central Bank Warns Against Crypto amidst Economic Crisis

  • The Central Bank of Sri Lanka (CBSL) reminds the national population that digital assets aren’t considered legal currency. 
  • CBSL also cited its previous warnings from 2018 and 2021, stating that the organization hasn’t authorized any initial coin offerings (ICO) or mining operations and virtual currency exchanges in the nation.

Crypto Sale Today – July 13th, 2022

On the global crypto news market, the top cryptocurrencies prices or crypto today reflect the following figures:

crypto news
  • (BTC) Bitcoin
    • Average Price: $19,802.66
    • 24h: + 0.07% ↑
  • (ETH) Ethereum
    • Average Price: $1,077.63
    • 24h: + 0.46% ↑
  • (BNB) Binance Coin
    • Average Price: $226.52
    • 24h: + 0.17% ↑
  • (XRP) Ripple
    • Average Price: $0.3172
    • 24h: + 0.10% ↑
  • (ADA) Cardano
    • Average Price: $0.4276
    • 24h: – 0.04% ↓
  • (SOL) Solana
    • Average Price: $33.81
    • 24h: – 0.01% ↓

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