Kyrgyzstan Tightens Crypto Mining Rules Amid Tax Revenue Drop
- Kyrgyzstan collected $535,000 in cryptocurrency mining taxes, reflecting a 10% tax on electricity bills for mining operations.
- South Korea delays crypto tax implementation amid political uncertainty while monitoring global policies, especially from the United States.
The Kyrgyz government’s most recent 2024 budget paper sheds insight on the growing impact of crypto mining in the country’s economy. Specifically, the crypto mining tax has brought in about $535,000 in income, which reflects the country’s ten percent tax policy applied on electricity consumption utilized for mining operations.
This number emphasizes the government’s intention to use the sector for economic development as well as the difficulties…
