The Kenyan government collected $77.5 million (10 billion shillings) in taxes from cryptocurrency traders during the 2023-24 financial year, Anthony Mwaura, head of the Kenya Revenue Authority (KRA), recently disclosed. Mwaura, speaking at an event honoring Kenyan taxpayers, said the tax was collected from 384 cryptocurrency dealers.

The KRA is targeting to collect more than $465 million from cryptocurrency traders alone. Overall, the agency aims to collect $158.8 billion in the next five years, and the cryptocurrency industry has been identified by the Kenyan government as a key target.

To enhance its ability to collect more revenue from the cryptocurrency sector, the KRA recently proposed installing real-time tax system integrated with cryptocurrency exchanges. The system is expected to capture vital information such as the time and value of transactions.

Mwaura also revealed steps the KRA has taken to increase tax collection from cryptocurrency traders.

“The [KRA] staff told us if we agree with the Central Bank of Kenya (CBK), within this year, we will be able to talk to those dealers and we can net Sh60 billion [$465 million],” Mwaura said.

Although Kenya is home to one of Africa’s largest cryptocurrency markets, the country has struggled to collect taxes from cryptocurrency traders. However, in the first half of 2023, the Kenya Treasury announced it would start levying a 1.5% digital tax on revenues earned by cryptocurrency exchanges.

Several factors continue to hinder the Kenya Revenue Authority’s (KRA) ability to track and monitor cryptocurrency transactions, including the absence of a comprehensive legal framework for cryptocurrencies. Low public awareness and the volatility of cryptocurrencies are also said to be affecting the KRA’s ability to collect taxes from crypto traders.

However, KRA Commissioner General Mr. Wattanga said the agency will use machine learning, artificial intelligence, and data analytics to help it raise more taxes from cryptocurrency traders.

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