Kazakhstan Seeks Billions in Taxes from Crypto Industry
Date: 2025-05-15 Author: Gabriel Deangelo Categories: BUSINESS
Kazakhstan is seriously considering the potential of the cryptocurrency industry as a source for replenishing the budget. First Vice Minister of Digital Development Kanysh Tuleushin said that the development of mining and an increase in the volume of trading in digital assets can turn the country into an important crypto hub in the region.
According to him, mining can not only generate income, but also contribute to the modernization of energy infrastructure. Tuleushin recalled the American practice, where mining companies use excess electricity during hours of low demand, thereby helping to balance the energy system. In Kazakhstan, the “70/30” scheme is being implemented, in which foreign investors invest in the renovation of thermal power plants, directing 70% of new capacities to the national grid, and the remaining 30% to meet the needs of miners.
Another example is the use of associated petroleum gas as an energy source for data centers located near oil fields. According to Tuleushin, this not only reduces emissions, but also increases the profitability of oil companies.
Over the past three years, taxes from mining have brought $34.6 million to the budget. Since 2023, more than 415 thousand units of mining equipment have been officially registered in the country, 84 licenses have been issued (of which 64 are valid, the rest have been suspended or revoked), and five mining pools have been accredited, three of which continue to operate.
As for digital asset trading, there has been rapid growth: from 2023 to 2024, the volume of transactions on the AIFC exchanges increased from $324.2 million to $1.4 billion. Since the beginning of 2025, miners are required to sell at least 75% of the mined assets through these exchanges.
However, as the Vice Minister noted, the majority of transactions (91.5% in 2023) still take place outside the zone of state regulation. To rectify the situation, the authorities are actively fighting illegal platforms: in 2024 alone, 36 underground crypto exchanges with a total turnover of $118 million were closed, over 3,500 exchangers were blocked, and two pyramids operating under the guise of investing in cryptocurrencies were exposed.
Tuleushin believes that lifting restrictions on the use of cryptocurrencies outside the AIFC and introducing flexible regulation throughout the country will allow Kazakhstan to attract large players, as has been done in the UAE. According to his estimates, even a 10% tax can bring in over 190 billion tenge annually, which is enough to build many schools and hospitals.
To develop a new regulatory model, he proposed involving the National Bank and the Financial Market Regulation Agency. Earlier, in April, the National Bank already supported the idea of creating a single crypto exchange that will operate under state control.
