Abraham Kipsang Kirwa’s purported bill proposes that persons seeking to introduce a cryptocurrency must first obtain a license from the capital markets regulator. regulation capitalmarkets
A bill seeking to put blockchain and crypto assets under the purview of the Kenyan Capital Markets Authority is supposedly set to be debated in the country’s parliament. The bill also seeks to “widen the meaning of ‘securities’ to capture digital currencies.” The persons that receive licenses from the regulator are also required to maintain records of all digital currency transactions and to pay taxes on any gains made.
“A person who intends to introduce a new cryptocurrency product shall make an application to the Authority in the prescribed form for a licence,” reads theThe bill adds that the person making the application will also have to demonstrate to the regulator that the cryptocurrency in question “was subjected to a product development period of not less than two years.
To Kenyan residents who are recipients of the digital currency trading licenses, the bill says such persons must register with the CMA. They are also required to maintain records of all digital currency transactions and to pay taxes on any gains made. Meanwhile, the bill also proposes that anyone in Kenya who possesses or trades digital currencies must disclose the amount of crypto held, as well as when this was acquired and disposed of. If the bill is passed by the Kenyan parliament, persons trading in digital currencies will be required to apply for a license from the CMA within six months.Tags in this story
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