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
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kenyan opposition leader Odinga suspends anti-government protestsKenyan opposition leader Raila Odinga said on Sunday he was suspending anti-government protests and was ready for talks after an appeal from President William Ruto, though he warned that demonstrations could restart in days.
Read more »
Cineworld drops major sale plan, proposes new debt dealCineworld said it would no longer put up for sale its US, UK and Ireland businesses as the movie chain operator failed to find a buyer for the group, sending shares in the cinema chain operator down 35%
Read more »
USDA proposes 25% cut to milk provided to low-income familiesThe U.S. Department of Agriculture is weighing cuts to the Supplemental Nutrition Program for Women, Infants, and Children, which could see low-income families receive 25% less milk per month.
Read more »
EPA Proposes New Rules to Combat ‘Forever Chemicals' in Public Water SystemsThe EPA is proposing the first-ever national standard to protect communities from PFAS in drinking water.
Read more »
City council proposes 'No Turn on Red' laws in downtown IndianapolisOn Monday, City Council members proposed 'No Turn on Red,' legislation that would restrict drivers from turning right at red lights in downtown Indianapolis in an effort to improve pedestrian safety.
Read more »