Cryptocurrency in Kazakhstan, the law on cryptocurrencies and how to buy or sell digital assets
Cryptocurrencies have created a revolution in the world of financial technology, and Kazakhstan is no exception; citizens of the country have long been active participants in the digital market.
Below we will tell you what the law on cryptocurrency says, where you can buy cryptocurrency in Kazakhstan and whether you need to pay taxes on profits received from trading these assets.
1. Is cryptocurrency allowed in Kazakhstan?
For a long time, the status of cryptocurrencies in Kazakhstan remained ambiguous. Today, cryptocurrency is not legal tender, but buying, selling and exchanging cryptocurrency is completely 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 cryptocurrencies legally.
By 2024, citizens of the country can also buy and sell cryptocurrencies on such exchange platforms as Binance , Bybit, ATAIX Eurasia, Biteeu, CaspianEx, BigOne, Delta DA and Xignal&MT
A large number of exchange offices help you exchange Kazakhstani tenge (KZT) for cryptocurrency. You can compare rates and choose a suitable exchange office on the website https://www.bestchange.ru/
A popular way to make money is professional trading on stock exchanges through brokers. The choice of service providers is quite wide, and among them we can highlight the best cryptocurrency brokers .
3. Taxes on cryptocurrencies in Kazakhstan
In 2024, Kazakhstan will establish clear rules for taxation of transactions with cryptocurrencies. Income from the sale of digital assets by individuals is classified as property income and is subject to individual income tax (IIT) at a rate of 10%.
Determination of taxable income: When selling cryptocurrency, taxable income is considered to be the positive difference between the sale price and the acquisition price of the digital asset. This means that tax is only levied on the profits made from the transaction.
It should be remembered that the moment of taxation occurs only when you transfer the cryptocurrency into Kazakhstani tenge.
Tax payment procedure: Individuals are required to independently declare and pay tax on income from transactions with cryptocurrency. To do this you need:
Tax return: Form 240.00 - submitted at the end of the year by March 31 of the following year. Form 270.00 is used as part of the general declaration and is submitted by September 15 of the following year.
In the section devoted to property income, reflect the profit from the sale of cryptocurrency.
Cryptocurrencies in Kazakhstan are gaining popularity both among investors and among the general public. Despite certain restrictions and challenges, the market continues to develop thanks to government support and business interest.