Cryptocurrency in Kazakhstan, the law on cryptocurrencies and how to buy or sell digital assets
Cryptocurrency has revolutionized the world of financial technology, and Kazakhstan is no exception. The country's citizens have long been active participants in the digital market.
Below, we'll explain what the law says about cryptocurrency, where you can buy cryptocurrency in Kazakhstan, and whether you need to pay taxes on profits from trading these assets.
1. Is cryptocurrency allowed in Kazakhstan?
For a long time, the status of cryptocurrencies in Kazakhstan remained ambiguous. While cryptocurrency is not currently considered legal tender, buying, selling, and exchanging cryptocurrency is entirely legal.
According to this law, the issuance of unsecured digital assets and the use of cryptocurrencies as a means of payment for goods and services are prohibited in Kazakhstan.
2. Buying and selling cryptocurrency in Kazakhstan
In Kazakhstan, there are exchange offices and stock brokers where you can buy cryptocurrency legally.
By 2024, citizens of the country will also be able to buy and sell cryptocurrencies on exchange platforms such as Binance , Bybit, ATAIX Eurasia, Biteeu, CaspianEx, BigOne, Delta DA and Xignal&MT.
There are numerous exchange services available to help you exchange Kazakhstani tenge (KZT) for cryptocurrency. You can compare rates and choose a suitable exchange service at https://www.bestchange.ru/
, the best cryptocurrency brokers include :
3. Cryptocurrency Taxes in Kazakhstan
In 2024, Kazakhstan will establish clear rules for taxing cryptocurrency transactions. Income from the sale of digital assets by individuals is classified as property income and is subject to a 10% individual income tax.
Definition of taxable income: When selling cryptocurrency, taxable income is considered to be the positive difference between the sale price and the purchase price of the digital asset. This means that tax is levied only on the profit made from the transaction.
It's important to remember that taxation only occurs when you convert cryptocurrency into Kazakhstani tenge.
Tax payment procedure: Individuals are required to independently declare and pay taxes on income from cryptocurrency transactions. To do this, they must:
Tax return: Form 240.00 – filed at the end of the year by March 31 of the following year. Form 270.00 – used as part of the general tax return and filed by September 15 of the following year.
In the section on property income, reflect the profit from the sale of cryptocurrency.
Cryptocurrencies are gaining popularity in Kazakhstan, both among investors and the general public. Despite certain restrictions and challenges, the market continues to grow thanks to government support and business interest.
