Kyrgyzstan Grants More Companies Crypto Mining Permits
The Service for Regulation and Supervision of Financial Market in Kyrgyzstan has recently granted certificates for industrial cryptocurrency mining activities to two additional companies – Xiamen Jiasheng Engineering Machinery LLC and Bai Leader LLC.
It has been noted that the revenues from crypto mining taxes contributed to the country’s budget have decreased by 29.7 percent in the first seven months of 2024 compared to the same period last year. Companies specializing in crypto mining paid a total of 31 million soms during this time frame, whereas in the first seven months of 2023, the volume of payments amounted to 44.2 million soms.
The crypto mining tax rate in Kyrgyzstan is set at 10 percent of the payment for the electricity used, which also includes VAT and sales tax.
According to Energy Minister Taalaibek Ibraev, as of early April, there were a total of 31 cryptocurrency mining farms registered in the country. This indicates a growing interest and participation in the crypto mining sector within Kyrgyzstan’s economy.
