Kenyan lawmakers have recently joined forces with the Blockchain Association of Kenya (BAK) to discuss a potential crypto bill that could become the first of a kind in the world. According to an official message from the National Assembly’s Departmental Committee on Finance and National Planning, the BAK was given a two-month deadline to prepare a draft of the crypto bill, while the Committee urged public education and demystification of cryptocurrency trade. In September 2023, the Financial Act 2023 was passed, which includes a 3% tax requirement for cryptocurrency exchanges. Additionally, Kenyan authorities have taken a hard stance against the controversial crypto project Worldcoin due to concerns regarding personal data harvesting. This could represent a significant milestone in the industry and trigger more regulation-related initiatives in the near future, showing that crypto is no longer a fringe industry but rather, an industry with increasing relevance that requires the implementation of laws for its safe and effective functioning.



Other News from Today