KRA said that since 2022, the volume of cryptocurrency transactions has exceeded 2.4 trillion Kenyan shillings ($18.6 billion), which significantly exceeds the total volume of private transactions of citizens with fiat currencies in the retail network of commercial banks.
“The new control system will be integrated with cryptocurrency exchanges and trading platforms to track and record all crypto transactions. It will record transaction details including date, time, type and value,” KRA said.
The department noted that most buyers and sellers of cryptocurrency in the country use P2P transactions, accepting payments through mobile devices to avoid attention from regulators. The outdated control system prevented the tracking and taxation of cryptocurrency transactions, resulting in a “significant loss of revenue for the government.”
Previously, Crypto Casinos published a report according to which Kenya was ranked 46th out of 50 crypto-friendly countries in the world. Country indicator: 56.08% of residents holding crypto assets.
Source: Bits
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