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Kenyan Parliament Advances Crypto Tax Bill: Cryptocurrencies Defined as Securities ₿ ⚖️ 🇰🇪

Kenyan Parliament Advances Crypto Tax Bill: Cryptocurrencies Defined as Securities ₿ ⚖️ 🇰🇪

#crypto
#government
#legal
Kenya moves closer to regulating cryptocurrencies as securities, as the Capital Markets (Amendment) Bill successfully passes the Finance and National Planning Committee. The bill proposes capital gains tax on crypto assets, aiming to govern the burgeoning crypto market and address concerns related to crime and terrorism financing.

The Capital Markets (Amendment) Bill, defining crypto assets as securities and introducing capital gains tax, has received approval from the National Assembly’s Finance and National Planning Committee in Kenya. The bill will now proceed to the National Assembly, where it aims to regulate crypto trading and address concerns related to criminal activities. If passed, Kenyan citizens would be required to declare their crypto assets to the Kenya Revenue Authority, with taxes applied on gains during transactions. The move signifies Kenya's efforts to establish a legal framework for the growing crypto market in the country. 🇰🇪💱 


#CryptoRegulation #Kenya #CapitalMarkets


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