Authorities in Kazakhstan have found several businesses minting digital currencies that took advantage of tax cuts they were allegedly not supposed to benefit from. Auditors said the crypto firms registered as “innovative companies,” to receive millions of dollars in tax preferences.
5 Mining Entities in Kazakhstan Get $18 Million in Tax Exemptions
Auditors in Kazakhstan have identified crypto mining enterprises that were able to enjoy tax benefits normally offered to businesses engaged in innovations development. According to a representative of the country’s Accounts Committee which oversees budget spending, this is an indication that the “Digital Kazakhstan” program is not being implemented properly.

Quoted by the Inbusiness.kz portal, Akylbay Ibraev explained that the companies had become residents of the Astana Hub and received support for their investment projects in the field of cryptocurrency mining when this is not the main purpose of the tech park.

Ibraev revealed that five mining farms were granted tax preferences for 8.5 billion tenge ($18 million) in the third quarter of 2021. The official insisted they should not be entitled to the tax exemptions. “The task of the hub is to attract and implement investment projects in IT technologies,” he pointed out.