The Kenyan cryptocurrency tax bill has passed the parliamentary committee review

ChainCatcher news, according to Kenya's Business Daily, the 2023 Capital Markets (Amendment) Bill has been approved by the National Assembly's Finance and National Planning Committee. The bill defines crypto assets as securities and plans to impose capital gains tax on them. The bill will next be submitted to the lower house of Parliament.

It is reported that the bill will tax cryptocurrency assets held in exchanges and digital wallets. Banks will deduct 20% value-added tax from all commissions and fees charged on transactions. If the bill is passed, Kenyan citizens will be obligated to declare all their cryptocurrency assets and their value in Kenyan Shillings to the Kenya Revenue Authority.