{"id":513608,"date":"2022-11-21T22:00:00","date_gmt":"2022-11-21T19:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/kenyan-legislation-establishes-crypto-taxation-creates-consumer-protections\/"},"modified":"2022-11-21T22:00:00","modified_gmt":"2022-11-21T19:00:00","slug":"kenyan-legislation-establishes-crypto-taxation-creates-consumer-protections","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/kenyan-legislation-establishes-crypto-taxation-creates-consumer-protections\/","title":{"rendered":"# Kenyan legislation establishes crypto taxation, creates consumer protections"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ab6fd0a321\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ab6fd0a321\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/kenyan-legislation-establishes-crypto-taxation-creates-consumer-protections\/#%E2%80%9D_Kenyan_legislation_establishes_crypto_taxation_creates_consumer_protections_%E2%80%9C\" >&#8221; Kenyan legislation establishes crypto taxation, creates consumer protections &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Kenyan_legislation_establishes_crypto_taxation_creates_consumer_protections_%E2%80%9C\"><\/span>&#8221; Kenyan legislation establishes crypto taxation, creates consumer protections &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOWVlMjI1NjUtNTlhOC00NGU3LWE0ZmMtZjhiYTk5ZDI1MTdmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>An amendment was introduced to the Kenyan law in capital markets on Nov. 21 that would require those who own or deal in cryptocurrencies to provide the country\u2019s Capital Markets Authority with information on their activities for tax purposes, local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businessdailyafrica.com\/bd\/economy\/bill-sets-up-kra-tax-dragnet-4m-cryptocurrency-users-4026868\" data-amp=\"https:\/\/www-businessdailyafrica-com.cdn.ampproject.org\/c\/s\/www.businessdailyafrica.com\/bd\/economy\/bill-sets-up-kra-tax-dragnet-4m-cryptocurrency-users-4026868?view=htmlamp\">report<\/a>. This is the first time Kenya has extended financial regulation to cryptocurrency.<\/p>\n<p>Under the Capital Markets (Amendment) Bill, Kenyans would pay capital gains taxes to the Kenyan Revenue Authority when they sell or use digital currencies. Cryptocurrency held for less than a year would be subject to income tax, while after that capital gains tax would <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly. Kenya has an income tax that ranges from 10% to 30%. Banks already charge an excise duty of 20% on all commissions and fees on crypto trades.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Kenya Revenue Authority (KRA) will go after the more than 4M Kenyans who own <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a>, if MPs approve changes to the Capital Markets (Amendment) Bill, 2022, aimed at regulating and taxing the fast-growing digital currency trade. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/LRlAgPJucJ\">pic.twitter.com\/LRlAgPJucJ<\/a><\/p>\n<p>\u2014 Njeru&#8217;s Updates (@NjerusUpdates) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/NjerusUpdates\/status\/1594643481104101376?ref_src=twsrc%5Etfw\">November 21, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Author of the bill MP Abraham Kirwa said: <\/p>\n<blockquote><p>\u201cThe amendment will provide for [\u2026] the definition of digital currencies, its creation through crypto mining and provide for regulations around trading of digital currencies. [\u2026] The amendment will also outline responsibilities of persons or businesses trading in digital currencies, provide for its taxation, ownership and provide for promotion of innovation in this area.\u201d<\/p><\/blockquote>\n<p>The bill would define digital currencies as securities, provide for the licensing of individual crypto traders and create a centralized electronic register of transactions in digital currencies in the country. It would also institute consumer protection measures, such as by creating a fund \u201cto protect investors from financial loss arising from the failure of a licenced broker or dealer\u201d and privacy guarantees.<\/p>\n<p><strong><em>Related: From smart insurance to on-chain document verification: Here\u2019s how Near aims to improve Kenya<\/em><\/strong><\/p>\n<p>A Chainalysis survey released in September ranked Kenya 19th worldwide in cryptocurrency adoption and fifth in peer-to-peer trading. The proposed amendment comes simultaneously with a call by Kenyan President William Ruto to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tuko.co.ke\/business-economy\/483793-william-rutos-govt-targets-4m-cryptocurrency-owners-widen-tax-base\/\">double<\/a> the country\u2019s tax base. The country has about 4 million cryptocurrency users. At about 8.5% of the population, that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/unctad.org\/system\/files\/official-document\/presspb2022d8_en.pdf\">gives<\/a> Kenya the world\u2019s fifth highest rate of ownership.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/kenyan-legislation-establishes-crypto-taxation-creates-consumer-protections\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Kenyan legislation establishes crypto taxation, creates consumer protections &#8220; An amendment was introduced to the Kenyan law in capital markets on Nov. 21 that would require those who own or deal in cryptocurrencies to provide the country\u2019s Capital Markets Authority with information on their activities for tax purposes, local media report. This is the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":513609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOWVlMjI1NjUtNTlhOC00NGU3LWE0ZmMtZjhiYTk5ZDI1MTdmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[25562,72414,70934,46483],"class_list":["post-513608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-africa","tag-kenya","tag-regulation","tag-taxes"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=513608"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513608\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/513609"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=513608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=513608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=513608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}