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According to Business Daily Africa, the Kenya Revenue Authority (KRA) will go after the more than four million Kenyans who own cryptocurrencies if MPs approve changes to the law aimed at regulating and taxing the fast-growing digital currency trade. The Capital Markets (Amendment) Bill, 2022 seeks to introduce taxation of the crypto exchanges and digital wallets and imposes transaction taxes akin to excise duty charged on bank transactions. “Where the digital currency is held for a period not exceeding twelve months, the laws relating to income tax shall apply or for a period exceeding twelve months, the laws relating to capital gains tax shall apply,” the Bill says. The Bill requires persons who own or deal in digital currency to provide the Capital Markets Authority (CMA) with specific information for tax purposes. Those owning or dealing in digital currency will be required to furnish the regulator with information regarding the amount of the virtual currency in Kenya shillings. They will also be required to inform the CMA of the type of virtual currency transacted in, the date on which the virtual currency was acquired and the date on which the virtual currency was sold. The report by the United Nations Conference on Trade and Development (UNCTAD) released in June said that 8.5 percent of the population or 4.25 million people own cryptocurrencies in the country.

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【Kenyan crypto tax-related bills have been submitted to parliament for consideration】According to Business Daily Africa, the Kenya Revenue Authority (KRA) will go after the more than four million Kenyans who own cryptocurrencies if MPs approve changes to the law aimed at regulating and taxing the fast-growing digital currency trade. The Capital Markets (Amendment) Bill, 2022 seeks to introduce taxation of the crypto exchanges and digital wallets and imposes transaction taxes akin to excise duty charged on bank transactions. “Where the digital currency is held for a period not exceeding twelve months, the laws relating to income tax shall apply or for a period exceeding twelve months, the laws relating to capital gains tax shall apply,” the Bill says. The Bill requires persons who own or deal in digital currency to provide the Capital Markets Authority (CMA) with specific information for tax purposes. Those owning or dealing in digital currency will be required to furnish the regulator with information regarding the amount of the virtual currency in Kenya shillings. They will also be required to inform the CMA of the type of virtual currency transacted in, the date on which the virtual currency was acquired and the date on which the virtual currency was sold. The report by the United Nations Conference on Trade and Development (UNCTAD) released in June said that 8.5 percent of the population or 4.25 million people own cryptocurrencies in the country.

Kenyan crypto tax-related bills have been submitted to parliament for consideration

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