Kenyan authorities plan to introduce a transaction tax on digital assets


The Kenyan government plans to introduce a 3% tax on digital asset transactions to stabilise the country's economy.

Local news agency Kenyans has shared the official definition of cryptocurrencies set by the country's authorities:

"'Digital asset' includes any intangible value as well as cryptocurrencies, tokens and codes that are stored in electronic form and created by cryptographic means or any other means that can be transmitted, stored or exchanged electronically," the document states.

Kenya's population of about 8.5% (equivalent to 4.25 million people) own crypto-assets, making it one of the countries with the largest number of cryptocurrencies in the world.

The bill in question calls for a 15% deduction from any sales of digital content, and the maximum wage rate would rise from 30% to 35%.

As part of his plans to boost economic growth, Kenyan President William Ruto has announced he wants to double government revenues to 5 trillion shillings ($36.7 billion) within five years, as well as reduce existing debt levels.

In March, US President Joe Biden proposed changes to the taxation of crypto-assets, estimating it could bring in an additional $24 billion to the budget.

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