Kyrgyzstan reports surge in tax revenue from crypto mining
Kyrgyzstan, a nation with abundant untapped hydroelectric capacity, has seen a significant increase in tax revenue from cryptocurrency mining in 2023. The government collected 78.6 million soms (approximately $883,000) from crypto miners in the first 11 months of the year, marking a substantial rise compared to the previous year. Kyrgyzstan’s rapid growth in crypto mining […]
Kyrgyzstan embraces crypto mining amidst energy challenges
In a recent move towards energy and economic optimization, Kyrgyzstan’s President Sadyr Japarov has greenlit the establishment of a cryptocurrency mining farm in the Central Asian nation. Japarov addressed claims from RFE/RL media in a candid interview with the “Kabar” agency, debunking assertions regarding the controversial prioritization of power to private mining companies over Kyrgyz […]
500 illegal crypto mining farms intercepted in Kyrgyzstan
TL;DR Breakdown: The Kyrgyzstan SCNS has intercepted about 500 illegal crypto mining farms. The farms were tapping energy from power grids, which resulted in a shortage of electricity supply. Kyrgyzstan authorities have busted 500 crypto mining farms that were illegally operating in the country, a local news agency 24.kg reported on Saturday. The law enforcement […]
Kyrgyzstan central bank develops draft for crypto regulation
TLDR Breakdown Kyrgyzstan central bank announced that it is working on developing a cryptocurrency law. The bank seeks to regulate the industry in a way that would minimize risks without stifling innovation. The bank is accepting proposals by industry stakeholders that will later be published in the official register. Kyrgystan central bank develops draft for […]
