Kenya Proposes Crypto Tax Bill

A report by Business Daily has it that the Parliament in Kenya is weighing whether or not to move ahead on a law that would allow for taxing crypto.

Kenya’s Capital Markets (Amendment) Bill, 2022 gives room for the taxation of crypto exchanges, digital wallets and transactions.

Should the bill pass, crypto investors in Kenya would have to pay capital gains tax to the Kenya Revenue Authority when they sell or use their crypto in a transaction.

The bill would also require investors to inform the Capital Markets Authority – the government’s financial regulator – on the details of their crypto ownership.

According to a report from the United Nations, Kenya’s crypto adoption places it above the U.S.

Roughly 8.5% of the Kenyan population, or 4.25 million Kenyans, own cryptocurrencies.

That 8.5% ranks fifth in the world, with the U.S. at 8.3% of the population ranking sixth.

Share:

Leave a Reply

Your email address will not be published.