Kenyan lawmakers are currently debating whether to proceed with a bill that would allow for the taxation of cryptocurrency, according to Business Daily. The Capital Markets (Amendment) Bill, 2022, would tax cryptocurrency exchanges, digital wallets, and transactions. When crypto investors in Kenya sell or use their cryptocurrency in a transaction, they must pay capital gains tax to the Kenya Revenue Authority. The bill would also require investors to notify the Capital Markets Authority, the government’s financial regulator, about their cryptocurrency ownership. According to a United Nations report, approximately 8.5% of Kenya’s population, or 4.25 million people, own cryptocurrencies.
