Konnichiwa,
Kenya would soon tax cryptocurrency exchanges for the commissions they get from digital currency traders if new regulations are adopted.
According to Value added Tax (Electronic, Internet and Digital Marketplace Supply) Regulations 2023, “a taxable electronic, Internet or digital marketplace supply include…facilitation of online payment for, exchange or transfer of digital assets excluding services exempted under the Act.”
Treasury Cabinet Secretary, Njuguna Ndung’u, published the regulations.
Platforms that enable the buying and selling of cryptocurrencies and other digital assets are now required to pay a 1.5% tax under the new rules for the payment of the digital service tax.
Digital assets include anything created, saved, and/or offered virtually. Examples include data, images, videos, written content, and cryptocurrencies like Bitcoin.
In November 2022, a bill asking for the regulation and taxation of cryptocurrency trading in Kenya was presented to the…
