Kenya Proposes Bill to Tax Crypto

Roughly 8.5% of the African country's population owns cryptocurrencies, according to a United Nations report.

AccessTimeIconNov 21, 2022 at 4:06 p.m. UTC
Updated Nov 21, 2022 at 5:56 p.m. UTC

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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.

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.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

CoinDesk - Unknown

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.