Kenya's Finance Ministry, the National Treasury, has proposed a 3% tax on the transfer of digital assets for the coming budget year, according to a Bloomberg report that cites proposals presented to lawmakers. Kenya elected William Ruto as its President in 2022 when its regulators had not yet proposed any sort of actual crypto rules. Later in 2022, lawmakers considered a bill that would allow for the taxation of crypto exchanges, digital wallets and transactions. Roughly 8.5% of the Kenyan population or 4.25 million people own cryptocurrencies, ranking the nation fifth in the world in global adoption of crypto, according to a report by the United Nations. The Finance Bill 2023, seen by local news outlet Kenyans.co.ke, defines the term "digital asset."

Source: Daily Nation May 05, 2023 02:30 UTC