Kenya to Boost Government Budget with 3% Tax on Crypto Transfers: Report Akyurt
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Kenya is working on a new bill to charge as much as 3% on crypto transfers as the East African country is seeking ways to boost incomes for the coming budget year, Bloomberg has learned, citing budget financing proposals presented on Thursday.

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According to the report, the government also wants to oblige content creators to pay 15% on online earnings, up from 5% withholding income tax. Crypto exchanges would also have to register with the local regulators to remit tax deductions.

IMF Urges African Countries to Tighten Crypto Regulation

Bloomberg claims the widening of Kenya's taxation base might be triggered by recommendations of multilateral lenders, without naming them. Although Kenya wants to tax crypto, the country doesn't want to change its regulation, which prohibits using crypto as a legal tender. The budget will be presented on June 8, 2023.

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