Kenya Steps in For Crypto Tax

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.

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“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.

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