A Proposed Bill to Tax Cryptocurrencies in Kenya

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Last Updated on November 22, 2022 by Bitfinsider

Legislators in Kenya are now debating whether or not to move through with the passage of a bill that would legalize the practice of taxing cryptocurrencies.

The Capital Markets (Amendment) Bill, 2022 would make it possible to impose taxes on cryptocurrency exchanges, digital wallets, and cryptocurrency transactions. When they sell their cryptocurrency or use it in a transaction, investors in cryptocurrencies located in Kenya will be required to pay a capital gains tax to the Kenya Revenue Authority. The Capital Markets Authority, which is the government’s financial regulator, would be required to be informed by investors regarding the specifics of their cryptocurrency ownership under this bill’s requirements.

A survey from the United Nations indicates that approximately 8.5% of the population of Kenya, which translates to over 4.25 million persons in that country, are owners of cryptocurrencies. That 8.5% of the population places them fifth in the globe, with the United States coming in sixth with 8.3% of the population.

“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 Abraham Kirwa, the sponsor of the bill and a member of the Mosop MP. “These provisions include the definition of digital currencies, its creation through crypto mining, and provide for regulations around trading of digital currencies.”


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