In 2024, Kyrgyzstan's cryptocurrency mining tax will decrease by 50% year-on-year

ChainCatcher news, according to the budget document released by the Ministry of Economy and Finance of Kyrgyzstan on December 25, this year the cryptocurrency mining tax contributed over 46.6 million Kyrgyz soms to the country's economy, approximately 535,000 USD.

However, this is a decrease of more than 50% compared to the cryptocurrency mining tax collected in 2023, which was 93.7 million soms, worth slightly over 1 million USD.

The cryptocurrency mining tax rate in Kyrgyzstan is 10% of the electricity costs used by the country's cryptocurrency miners, including value-added tax and sales tax. Due to the country's abundant untapped renewable energy, it is considered very suitable for conducting cryptocurrency mining operations.