Kenya is the latest country to show intent to regulate the cryptocurrency sector targeting the taxation of digital currency transactions as the industry expands.
If parliament approves The Capital Markets (Amendment) Bill, it will see the government introduce an income tax regime for cryptocurrency traders, Business Daily Africa reported on November 21.
“Where the digital currency is held for a period not exceeding twelve months, the laws relating to income tax shall apply or for a period exceeding twelve months, the laws relating to capital gains tax shall apply,” the bill says.
The proposed law also aims to impose capital gains for the increased market value of the cryptocurrencies when the specific assets are either sold or used in a transaction.
(By Paul L.)