Lawmakers in Kenya are currently deciding whether or not to move ahead on a law that would allow for taxing crypto, Business Daily reported on Monday.

The Capital Markets (Amendment) Bill, 2022 would allow for the taxation crypto exchanges, digital wallets and transactions. Crypto investors in Kenya would have to pay capital gains tax to the Kenya Revenue Authority when they sell or use their crypto in a transaction, and the bill would also require investors to inform the Capital Markets Authority – the government's financial regulator – on the details of their crypto ownership.

According to a report from the United Nations, roughly 8.5% of the Kenyan population, or 4.25 million people in that country, own cryptocurrencies. That 8.5% ranks fifth in the world, with the U.S. at 8.3% of the population ranking sixth.

(by Camomile Shumba)