Government budget sees minimal tax revenue from cryptocurrency mining in 2024
In 2024, Kyrgyzstan’s budget had a decrease in revenue from cryptocurrency mining taxes, only receiving 53 million soms compared to 93.7 million soms in 2023, according to the Ministry of Finance. Despite the overall decrease, there was a slight increase of 6.4 million soms in December of that year.
Throughout the year, there was a significant drop in revenue from the cryptocurrency mining tax, with a 29.7 percent decrease in the first seven months of 2024 compared to the same period in the previous year.
The cryptocurrency mining tax in Kyrgyzstan is set at 10 percent of electricity bills paid, including VAT and sales tax. The Ministry of Finance continues to monitor and analyze the impact of cryptocurrency mining on the country’s budget and revenue streams.
