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UK Parliament Urges Effective Rules for Crypto

According to regulations published by the country’s finance minister, a global crypto exchange used by around 4 million users in Kenya will start paying a 1.5 percent tax on earned income.

Launching Bitcoin, Sunday (30/4/2023), Kenya’s Ministry of Finance said, it will start collecting tax on income derived from cryptocurrency exchanges used by around 4 million local residents.

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According to a Business Daily Africa report, the Kenyan authorities will rely on a 1.5 percent digital tax service that comes into force on January 1, 2021.

Originally proposed in 2020, the digital tax is an attempt by the Kenyan government to extract revenue from leading crypto exchanges and tax-evading digital asset platforms. As reported by Bitcoin.com News in early January 2021, the Kenya Revenue Authority (KRA) said it expected to get USD 45.5 million (5 billion Kenyan shillings) or IDR 670.67 billion (assuming an exchange rate of IDR 14,740 per US dollar) from taxes the.

Meanwhile, as indicated in the value-added tax 2023 regulation (electronic, internet and digital market supply) published by Cabinet Secretary of Finance Njuguna Ndung’u, Kenya can now target global crypto exchanges.

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“For purposes of this regulation, the supply of taxable electronic, Internet or digital marketplaces including the facilitation of online payments for, exchange or transfer of digital assets do not include services that are exempt under the Act,” the published regulations read.

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Next to Nigeria and South Africa, Kenya has one of the highest proportions of the population in Africa that own crypto. However, like its counterparts on the continent, Kenya is not yet familiar with cryptocurrency. The Central Bank of Kenya (CBK) and its governor have warned citizens against dealing with crypto assets like bitcoin.

Despite the warnings, Kenyans continue to acquire and trade cryptocurrencies and this has prompted the government to look for ways to tax crypto transactions.

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UK Parliament Urges Effective Rules for Crypto

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