Kenyan authorities to begin monitoring cryptocurrency transactions in real time
Date: 2024-10-15 Author: Oliver Abernathy Categories: IN WORLD
KRA has announced the launch of a new monitoring system that will be integrated with cryptocurrency exchanges and platforms. This system will track and record all crypto transactions, recording important data such as date, time, transaction type, and its value.
According to KRA, most Kenyan cryptocurrency users prefer to make transactions through P2P transactions. At the same time, they use mobile devices for payments, which allows them to avoid the attention of regulators. The previous monitoring system could not effectively track and tax cryptocurrency transactions, which led to a significant loss of revenue for the country's budget.
A report from Crypto Casinos noted that Kenya ranks 46th out of 50 countries most friendly to cryptocurrencies. In the country, about 56.08% of the population owns crypto assets, which indicates significant interest among citizens in digital finance.
Thus, the introduction of a new monitoring system should help the government increase tax revenues and improve control over cryptocurrency transactions, which in turn will contribute to the development of the sector in the country.
