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Kenyans dealing in cryptocurrency trading could soon pay transactional taxes to the Kenya Revenue Authority (KRA).
The Capital Markets Amendment Bill 2022 sought to regulate and tax digital currency owners and trading in the country.
The bill sponsored by Mosop MP Abraham Kirwa proposed transactional charges, which equates to the excise duty charged on Bank transactions.
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This came as President William Ruto set a new tax revenue collection target for the KRA at KSh 4 trillion.
If the bill is passed into law, crypto traders will be required to pay KRA income tax or capital gains tax made from their transactions.
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According to UNCTAD, Over 4.25 million people in Kenya own cryptocurrencies, representing 8.5% of the country's population
Kenya ranked fifth among the top 20 economies in the cryptocurrency market share, followed by the United States.
The country is among 15 developing economies that took the lead in the cryptocurrency alluring market out of the 20 economies.
Traders will provide the Capital Market Authority (CMA) with specific information for tax purposes.
It proposed a licence of trading for Kenyans dealing in crypto trading after six months of its enactment.
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Source: TUKO.co.ke
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