Navigating Challenges: Blockchain Association Of Kenya And The Path To Crypto Tax Compliance
The National Assembly’s Departmental Committee on Finance and National Planning has tasked the Blockchain Association of Kenya to play a pivotal role in creating Kenya’s inaugural draft bill on crypto asset regulation.
Additionally, the association has received encouragement to conduct comprehensive public education initiatives aimed at demystifying cryptocurrency trade. The committee acknowledged Kenya’s position as the third most active country in African crypto trade and highlighted the substantial transactions amounting to nearly $20 billion from July 2021 to June 2022.
Despite being a significant recipient of crypto inflows, particularly ranking behind only Nigeria and South Africa, concerns have arisen regarding members of the Blockchain Association of Kenya allegedly not complying with the recently introduced digital assets tax. In response, BAK officials explained that members face challenges in meeting tax obligations due to existing structures that do not support tax payments, citing a circular issued by the Kenyan central bank as a complicating factor.
Clever Robot News Desk 11th November 202
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