By Kyrgyzstan raised $1 million in taxes from crypto mining operations in 2023, according to official figures. The data was released by The National Statistical Committee of Kyrgyzstan (NSC).
Kyrgyzstan is among a handful of countries that have implemented taxes on crypto mining operations. It began implementing such taxes since January 1, 2021 following a new law that took effect in December 2020. The law imposed a 13% income tax on crypto miners operating in the country along with a 5% property tax.
According to the data from NSC, the country raised around 860 million KGS ($1 million) in taxes from crypto mining operations in 2023. It also stated that the total number of mining companies operating in the country had grown to a total of 692. The data further revealed that the majority of mining activity was concentrated in the cities of Bishkek (46%), Osh (30%), Nooken (17%) and Jalal-Abad (7%).
Overall, the data seems to suggest that the enforcement of taxes on crypto mining operations has had a positive effect on the country’s revenue. It also shows that the industry is growing in Kyrgyzstan, despite some initial opposition to the new law from the government. It remains to be seen if the positive trend will continue in the future.
