Kenya Cashes In on Crypto, Collects $77M in Taxes from Hundreds of Traders

Kenya’s government recently collected $77.5 million in taxes from 384 cryptocurrency traders for the 2023-24 financial year, according to Anthony Mwaura, head of the Kenya Revenue Authority (KRA).

With a goal of securing over $465 million from crypto traders alone, the KRA is intensifying efforts by proposing a real-time tax system that integrates with crypto exchanges to track transaction details. Despite challenges like limited regulations and public awareness, the KRA plans to leverage AI and data analytics to improve tax collection from the country’s rapidly growing cryptocurrency market.

Clever Robot News Desk 8^th November 2024