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Crypto tax: it is time to remove barriers to trade in digital assets
A parliamentary committee has backed a Bill that will allow the taxation of more than four million Kenyans estimated to be trading in cryptocurrencies. PHOTO | SHUTTERSTOCK
The Finance Bill, 2023 (The Bill) proposes to introduce a Digital Asset Tax (DAT) at a rate of 3.0 percent on the income derived from the transfer or exchange of digital assets.
The Bill defines a digital asset as anything of value that is not tangible and includes cryptocurrencies, token code, and numbers held in digital form which can be exchanged with or without consideration and can be transferred, stored or exchanged electronically.
