The Capital Markets (Amendment) Bill will now be introduced to the lower chamber of Parliament in Kenya.
A bill defining crypto assets as securities and featuring the capital gains tax on them made it through the Parliamentary Committee.
As the Kenyan newspaper Business Daily reported on Dec.
“This is a very critical law that will guard our country against proceeds of crime and terrorism financing. We approve this Bill for publication.”
After the Committee’s approval, the bill will head to the reading in the National Assembly, the lower chamber of the Kenyan Parliament.
Related: Wallet crypto bot rolls out on Telegram in Colombia, SA and Kenya
The Capital Markets (Amendment) Bill, 2023 amends the country’s tax code, imposing taxes on crypto assets stored on crypto exchanges and digital wallets.
Should the bill pass, the citizens of Kenya would be obliged to declare all their crypto assets and their value in Kenyan shillings to the Kenya Revenue Authority (KRA).
“A person who possesses or deals in digital currency shall provide the Authority with the following information for tax purposes—the amount of proceeds from the transaction, any costs related to the transaction and the amount of any gain or loss on the transaction.”
While Kenya is only preparing to introduce its crypto taxes, the tax services in other countries have recently been quite vocal in their desire to chase all those who didn’t declare their crypto accurately.