Kenya will introduce a tax on transactions with cryptocurrencies

The Kenyan government is going to set a tax fee of 3 percent of the transaction amount with cryptocurrencies. In their opinion, this will stabilize the domestic economy of the country. This information was published by Bloomberg.

Learn more about possible taxation

The Kenyans internal news agency published a definition of cryptocurrency as a digital asset. At the same time, they include everything that is stored in digital format and created using cryptography or other technologies. Moreover, this applies to all terms that imply storage, exchange or transfer in electronic format.

According to the UN analysis, about 8.5% of the country has cryptocurrencies in their assets. The figure is approximately 4.25 million citizens. This allows the country to enter the TOP 5 states where cryptocurrencies are being introduced globally.

The law also states that when monetizing digital content, a tax of 15% will be set, and for the maximum salary it will increase to 35%.

It should be noted that the President of the country promised to increase profits by 2 times in 5 years, reaching an indicator of $ 36.7 billion. he also announced the reduction of debt obligations accumulated by the state. This will stimulate the economic growth of the country.

Recall that in early spring, the current US president made a proposal to change taxation with regard to cryptocurrency transactions. He suggested that this would increase the budget profit by $24 billion. from this sphere.

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