Kenyan crypto firms on notice as digital tax law takes effect
Crypto transactions in Kenya now attract a 1.5% tax. 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....
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The Christmas season is a time for giving, spending time with loved ones, and reflecting on all that one should be thankful for. In Kenya, however, this holiday season is a time to spread fear and protect your thiefdom, according to the Kenyan central bank. Bitcoin has been attacked by the Central Bank of Kenya in an official release. Simply marked December 2015, coming out of Nairobi, the central bank says they were tipped off about Bitcoin and its ownership in Kenya by "media reports." In many countries, a notice by the central bank is as powerful as a release by the government itself,....
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said. As per the report, the bankers namely, Kingsley Obiora, the deputy governor of....
PRESS RELEASE. In the face of financial regulators’ overall negative attitude toward digital assets, P2P marketplaces have become the platforms of choice across Africa. As the world leader in P2P cryptocurrency exchange, Kenya has drawn much attention from many P2P exchange service providers. Bitpapa is one of them, and it has recently entered the Kenyan crypto market.
As a global P2P marketplace operating worldwide, Bitpapa has been offering cryptocurrency trading services since 2018, only a matter of time before it entered the highly lucrative Kenyan cryptocurrency....