Kenya’s proposed 1.5% crypto transaction tax could disrupt Africa’s digital integration. As Kenya advances a 1.5% tax on every crypto transaction, the nation risks undermining its fintech leadership, driving startups and talent abroad. Opinion by: Chebet Kipingor, business operations manager at Busha As Kenya pushes forward with a revised 1.5% crypto transaction tax, it risks losing more than revenue — it could forfeit its regional fintech leadership, drive startups across borders, and fracture Africa’s digital economy before it can unify. Parliament is debating implementing the Digital Asset Tax (DAT) on every cryptocurrency transaction. While the intention to broaden the tax base is valid, the policy’s current form could deliver unintended consequences for Kenya and financial inclusion efforts across the continent. With over 450 million unbanked individuals in Africa, digital assets offer a real chance to leapfrog traditional infrastructure and extend financial services to underserved populations. This tax ...
Kenyan regulators say no crypto firms are licensed under the new VASP Act and warn that providers claiming approval are doing so illegally. Bitcoin ATMs were spotted across major shopping malls in Nairobi days after Kenya implemented its first comprehensive cryptocurrency law, creating an immediate stress test for regulators who claim that no crypto provider is yet authorized to operate. Local media outlet Capital News reported that several major malls across Nairobi had new machines branded “Bankless Bitcoin” installed beside traditional banking kiosks, offering cash-to-crypto services to the locals. This isn’t the first time Kenya has seen Bitcoin ATMs. In 2018, The East African reported that ATM provider BitClub installed Bitcoin ATMs in Nairobi, although adoption remained minimal and the devices did not reach mainstream retail spaces. Read more