Kenya to Consider an NFT Tax

Kenya is the latest country to consider introducing a 3% tax fee on cryptocurrencies, NFTs, and digital assets. It seems that through this the Kenyan Government are seeking to capitalize on digital assets and virtual transactions as they continue to grow in popularity. The proposed bill aims for cryptocurrencies and NFTs to become taxable assets. Their plans are similar to other governments and the current global trend as they are starting to take a look at the impact of digital assets on their economies.

Furthermore, the bill also includes introducing a tax on social media influencers, as they continue to be popular in the digital world. The Kenyan government hopes to tax online influencers and generate revenue from their work, as so far, this line of work is unregulated. Certainly, it seems as though Kenya is taking an active approach and they are ready to keep pace with an ever-evolving digital landscape. However, the reaction to the bill hasn't been completely positive. Some believe that introducing a tax on these industries could halt innovation meaning that Kenya falls behind in terms of digital growth. Some also feel businesses may steer clear of the country with these plans in place.