According to a report, cryptocurrency owners may be subject to taxes that are proportional to the capital market modification law’s gains. This bill is aimed at taxing crypto exchanges and digital wallets as well as Kenyan crypto owners. According to Business Daily, Abraham Kirwa is supporting the amendment bill. He is a member of parliament (MP), for the Mosop. Kenyans who keep Bitcoin for more than one year must pay capital gains taxes, while those who keep it for less than one year must pay income taxes. People who make cryptocurrency trading profitable will likely have to pay income tax. Abraham Kirwa sponsored this bill:
“Where the digital currency has been held for less than twelve months, the laws regarding income tax shall apply. If the period exceeds twelve months, then the laws concerning capital gains tax shall apply.”
Despite Kenyans’ enthusiasm for cryptocurrency, Patrick Njoroge has been a strong opponent of private-produced digital currencies. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: #BitcoinAbraham KirwaCentral Bank of KenyaCrypto TaxKenyaPatrick Njoroge