The Kenyan Revenue Authority (KRA) is proposing a taxation system integrated with cryptocurrency exchanges to enable real-time transaction monitoring. Under this system, the KRA would capture key details like time and value of each trade.

The revenue agency says the current system cannot track crypto transactions, leading to significant lost revenue. It cites Section 3 of Kenya’s Income Tax Act, which allows taxing crypto income.

“The goal is a robust and efficient system for effective and efficient collection of taxes on cryptocurrency,” a Kenyan revenue collector stated.

According to a Techpoint Africa report, Kenya’s move to track crypto transactions reflects the country’s growing reputation as a crypto-friendly nation in Africa. As previously reported by Bitcoin.com News, Kenya ranks among African nations with high cryptocurrency usage. Beyond trading, Kenyans, like many Africans, utilize cryptocurrency to hedge against inflation and currency depreciation.

In addition to the real-time taxation system, Kenya is reportedly considering using artificial intelligence (AI) and machine learning to detect tax evasion. These technologies are expected to streamline and enhance the transparency of the KRA’s revenue collection efforts.

The Kenyan government’s desire to bolster its revenue has also led to a proposal to utilize mobile network operator M-Pesa paybills and till numbers as virtual electronic tax registers starting Dec. 25, 2024. However, these reforms, intended to improve the government’s financial standing, have faced opposition, particularly from younger Kenyans. Many observers attribute the recent protests, which left several dead, to the Kenyan government’s proposed tax hikes and reforms.

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