Home News Finance Kenya to Begin Real-Time Monitoring of Crypto Transactions for Tax Collection
FinanceNews

Kenya to Begin Real-Time Monitoring of Crypto Transactions for Tax Collection

366
Russia Legalizes Crypto Payments for International Trade
Credit: Artur Widak | Nurphoto | Getty Images

The Kenya Revenue Authority (KRA) is set to introduce a new tax system that will enable it to track cryptocurrency transactions in real-time. The system will integrate with crypto exchanges to capture details such as the date, time, type, and value of transactions.

Kenya has around four million crypto users, one of the highest in Africa. According to a 2023 report by Chainalysis, Nigeria leads the continent in raw transaction volume for cryptocurrency, followed by Kenya, Ghana, and South Africa. In 2022, crypto transactions in Kenya were valued at $18.6 billion (KES2.4 trillion). This surpassed the activities of some commercial banks. The KRA said it aims to grow its tax base by monitoring this expanding sector.

In 2023, an amendment to the Capital Markets Act proposed a capital gains tax on exchanges and an excise duty on crypto transactions. However, the bill is still under review by the National Assembly.

Currently, many crypto traders in Kenya use peer-to-peer (P2P) platforms. The KRA acknowledged that its outdated system has made it difficult to track and tax these transactions. It is expected that the new system will help the government impose taxes on digital assets.

Read More: 

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

NewsSecurity

AES and Malian Armed Forces Intensify Counter-Terror Operations Across Key Regions, Claim Major Victories

In recent weeks, there has been an increase in barbaric attacks targeting...

NewsSecurity

Nigerien Army Foils Planned Terrorist Attack Near Wanzarbé, Eliminates Militant Leaders in Early Strike

Nigerien troops thwarted a planned terrorist attack near the town of Wanzarbé...

FinanceNews

Field Check Shows Less Than 30km Completed on Lagos-Calabar Coastal Highway, Contrary to Official Claims

A recent independent investigation has revealed that the Federal Government’s claim of...

Irokotv
EntertainmentMoviesNews

We Spent $100 Million Trying To Win – Jason Njoku On IrokoTV

Years after betting big on Nigeria’s streaming market, IrokoTV’s co-founder and CEO,...