The Kenya tax authority (KRA) said it has developed new rules that will be used to check the activities of crypto traders across the country.
Tax on African crypto traders.
From this point of view, the government has stated that it will start charging 1.5% of the gross transaction in the future, as a new digital tax.
Users of digital assets can still breathe a sigh of relief, as the new rules will come into force from the beginning of next year. According to the report, KRA will create a specific division that will use the discovery method, based on data to track and tax transactions across the country.
According to the laws of Kenya, whenever goods and services are directly exchanged hands using digital means, it is called a digital market.
The report confirms that the crypto community and firms providing crypto services will be included as they fall under the digital marketplace. In Kenya, there has been a significant increase in the use of Bitcoins and other assets over the past few months.