Kenya plans to establish a tax system that integrates data from cryptocurrency exchanges to monitor crypto transactions in real time

ChainCatcher news, according to Bitcoin.com, the Kenya Revenue Authority (KRA) has proposed the establishment of a tax system integrated with cryptocurrency trading platforms for real-time monitoring of transactions. Under this system, the KRA will capture key information for each transaction, such as transaction time and value.

The tax department stated that the current system cannot track cryptocurrency transactions, leading to significant tax revenue loss. The tax department also cited Section 3 of the Kenyan Income Tax Act, which allows for taxation of cryptocurrency income. A tax official in Kenya stated, "Our goal is to establish a robust and efficient system to effectively collect cryptocurrency taxes."

In addition to the real-time tax system, Kenya is also considering the use of artificial intelligence (AI) and machine learning technologies to detect tax evasion. These technologies are expected to optimize the tax administration processes of the Kenya Revenue Authority and improve transparency.