TechFlow News: A parliamentary committee in Kenya has approved a bill proposing to expand the definition of securities to include cryptocurrencies.
The bill proposes taxing cryptocurrency exchanges and digital wallets, as well as imposing capital gains tax on users who profit from the sale of crypto assets. Introduced by Member of Parliament Abraham Kirwa of Mosop, the bill will now proceed to second reading in Kenya's National Assembly. Lawmakers are expected to debate and make further amendments during the third reading stage.
Once approved, the bill—known as the Capital Markets (Amendment) Bill, 2023—will be submitted to the President of Kenya for assent.
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