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Kenya Proposes Bill to Tax Crypto
Roughly 8.5% of the African country's population owns cryptocurrencies, according to a United Nations report.
Updated Nov 21, 2022, 5:56 p.m. Published Nov 21, 2022, 4:06 p.m.
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Lawmakers in Kenya are currently deciding whether or not to move ahead on a law that would allow for taxing crypto, Business Daily reported on Monday.
The Capital Markets (Amendment) Bill, 2022 would allow for the taxation of crypto exchanges, digital wallets and transactions. 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.
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According to a report from the United Nations, roughly 8.5% of the Kenyan population, or 4.25 million people in that country, own cryptocurrencies. That 8.5% ranks fifth in the world, with the U.S. at 8.3% of the population ranking sixth.
“The amendment will provide for specific provisions to govern digital currency transactions in Kenya, including the definition of digital currencies, its creation through crypto mining and provide for regulations around trading of digital currencies,” said the bill sponsor, Mosop MP Abraham Kirwa.
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