A bill that classifies cryptocurrency assets as securities and imposes capital gains tax on them has passed a committee in the Kenyan parliament. The Capital Markets (Amendment) Bill, 2023, has been approved by the National Assembly’s Finance and National Planning Committee. The bill aims to regulate the trading of cryptocurrencies in Kenya and prevent proceeds of crime and terrorism financing. If approved, Kenyans will be required to pay capital gains tax on the increase in value of their cryptocurrency assets when sold or used in transactions. Additionally, banks will deduct a 20% excise duty on commissions and fees from cryptocurrency transactions. Individuals will also be required to notify the Kenya Revenue Authority of their cryptocurrency holdings and their value in Kenyan shillings. This move by Kenya follows a global trend of tax authorities cracking down on undeclared cryptocurrency holdings.

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Information	Details
Geography	Africa
Countries	🇰🇪
Sentiment	neutral
Relevance Score	1
People	Kimani Kuria
Companies	Kenya Revenue Authority, National Assembly’s Finance and National Planning Committee, Internal Revenue Service (IRS)
Currencies	None
Securities	None