Kenya wants crypto taxes fast, but offers few answers in return
- Kenya's tax authority collected KES 10 billion ($77 million) from crypto traders in the financial year ending June 2024.
- The Kenya Revenue Authority announced ambitions to collect KES 60 billion ($464 million) annually from the crypto sector.
- Industry players criticized the 1.5% digital asset tax for its lack of clarity and practicality.
The current approach to taxing crypto in Kenya is fraught with challenges that could stifle innovation and compliance. A more nuanced understanding of digital assets and their transactions is essential for creating a tax regime that supports growth rather than impedes it. Policymakers must prioritize clarity and practicality to foster a thriving crypto ecosystem.
