New tax Rule It will apply to all operations related to the processing of cryptocurrency transactions, including the purchase, sale or transfer of digital assets on centralized and decentralized platforms. At the same time, KRA does not specify whether benefits for certain categories of users or minimum thresholds of transactions will be provided.
The tax collection mechanism involves direct access to the fiscal organ to exchange services of cryptocurrency sites for monitoring transactions in real time. KRA Chairman Anthony Mwaura said that now the department is developing a system that will not only monitor surgery on crypto platforms, but also automatically withhold taxes from commissions at the time of transactions.
MVAUura noted that in 2023–2024, KRA raised more than 10 billion Kenyan shillings ($ 77.5 million) from 384 crypto traders. The new goal of the department is to increase the fees from crypto industries to 60 billion Kenyan shillings ($ 465 million). The tax authority cooperates with the Central Bank of Kenya to introduce effective tools for accounting crypto operations that should simplify tax collection and increase the transparency of the national crypto industry.
Previously, the Central Bank of Kenya showed that more than a third of the country’s banks are ready to start operations with digital assets in the case of adopting relevant regulatory acts.
Source: Bits

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