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Kenya Collected $77.5M in Crypto Taxes — $465M Target Next, Exchanges in Focus

Author: Content Editor
The Kenyan government announced that it collected $77.5 million in crypto tax over the past year, with 384 crypto traders contributing KES 10 billion. The Kenya Revenue Authority (KRA) aims to collect $465 million in taxes from the crypto sector alone and hopes to accumulate $15.88 billion in tax revenue over the next five years. The KRA plans to collaborate with the central bank and engage with individuals in the crypto space to effectively tax cryptocurrency activities and reach more taxpayers. To achieve its goals, the KRA launched a new real-time tax system that integrates crypto exchanges, allowing regulators to monitor and collect taxes on crypto activities. The agency estimates that the Kenyan crypto market accounted for nearly 20% of the country's GDP with transactions totaling $18.5 billion in 2021-2022.

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