Kenya to track crypto transactions real-time with new tax system
- KRA plans to implement a real-time tax system for cryptocurrency transactions.
- Kenya has an estimated four million crypto users, one of the highest in Africa.
- Crypto transactions in 2022 were valued at around $18.6 billion.
The KRA's initiative to tax cryptocurrency transactions is a significant step towards regulating the crypto market in Kenya, which could enhance government revenue. However, the unclear legal status of crypto exchanges poses a challenge that could hinder effective implementation. A balanced approach that considers the potential of the crypto market while ensuring regulatory compliance is essential for sustainable growth.
