Kenyan crypto firms on notice as digital tax law takes effect

Kenyan crypto firms on notice as digital tax law takes effect


Kenya’s planned Digital Service Tax, or DST, came into effect at the start of 2021. The DST is part of the country’s 2020 revamped Finance Act that focused on the digital services market among other sectors.

Based on the provisions of the new tax regime, e-market transactions including cryptocurrency payments now attract a 1.5% levy.

Reginald Alango, a Kenya country representative at non-custodial peer-to-peer crypto exchange Bitzlato, told Cointelegraph that the new tax policy prescribes a 1.5% tax on the gross transaction value of every crypto sale.

Trending: The CDC Lied To The American People In A Huge Way

Commenting on the potential impact of the policy on crypto adoption in the country, Alango stated:

“With regards to it having negative impact on crypto adoption in Kenya, I do not believe so as there are so many factors that are driving the rapid growth of crypto in East Africa and the youth are on the forefront pushing this. However, it’s still early to make a prediction but this is something

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend