Kenya steps in for Crypto tax. About 8.5% of the population in African countries own cryptocurrencies, according to a United Nations report.
Kenyan lawmakers are now deciding whether to go ahead with a law to tax crypto, Business Daily reported on Monday. The Capital Markets (Amendment) Bill 2022 will allow taxation of crypto exchanges, digital wallets and transactions. Crypto investors in Kenya need to pay income tax to the tax authorities when they sell or use their crypto in business. The bill will also require investors to report to the capital markets regulator – the government’s financial regulator – details of their crypto holdings.
According to a United Nations report, about 8.5% of Kenyans, or 4.25 million people in the country, own cryptocurrencies. This 8.5% ranks fifth in the world, while the United States has 8.3% of the population and is sixth.
Advertisement Banner
“The amendment will provide various measures to regulate digital currency transactions in Kenya, including the definition of digital currency, the creation of crypto mining and will provide regulations on the trading of digital currency,” said the sponsor. the bill, said Mosop MP Abraham Kirwa.
Are you following our Telegram address?
Disclaimer
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
