According to a news piece by Business Daily, cryptocurrencies are planned to be taxed in Kenya with an amendment to the capital markets law.
“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.
If the bill is approved, the cryptocurrency investors in the country will have to pay taxes to the Kenya Revenue Authority for cryptocurrency transactions. 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.
