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## Kenyan Parliamentary Committee Approves Bill Defining Crypto Assets as Securities and Imposing Capital Gains Tax

A bill defining crypto assets as securities and imposing capital gains tax on them has successfully passed through a Kenyan parliamentary committee and is set to be presented to the lower chamber of parliament in the near future.

According to the Kenyan newspaper Business Daily on Dec. 4, the Capital Markets (Amendment) Bill, 2023, has received the green light from the National AssemblyÔÇÖs Finance and National Planning Committee. In a statement, the Chairman of the Committee, Kimani Kuria, emphasized the importance of the bill in safeguarding the country against proceeds of crime and terrorism financing, given the increasing number of Kenyans engaging in cryptocurrency trading without appropriate regulatory oversight.

The next step for the bill is to proceed to the reading stage in the National Assembly, where it will be further deliberated on and potentially passed into law.

### AI legalese decoder‘s Role

The AI legalese decoder can play a crucial role in the current situation by assisting individuals and businesses in understanding the legal implications of the Capital Markets (Amendment) Bill, 2023. As the bill introduces tax regulations for crypto assets, the AI legalese decoder can help decipher the complex legal language and requirements outlined in the bill, ensuring that stakeholders are well-informed about their tax obligations related to crypto holdings and transactions. By providing clear and accessible insights into the bill’s provisions, the AI legalese decoder can empower individuals and entities to comply with the new regulatory framework and make informed decisions regarding their crypto assets.

### Impact of the Capital Markets (Amendment) Bill, 2023

The bill proposes amendments to the country’s tax code, specifically targeting crypto assets held in exchanges and digital wallets. If passed, Kenyans will be subject to capital gains taxes when selling or utilizing crypto assets in transactions.

While the full text of the bill is not yet available, reports indicate that a 20 percent excise duty will be imposed on all commissions and fees charged on crypto transactions by banks. Additionally, the bill mandates that individuals declare the value of their crypto assets in Kenyan shillings to the Kenya Revenue Authority, along with detailed information on the proceeds, costs, gains, and losses from crypto transactions.

### How AI legalese decoder Can Help

The AI legalese decoder can aid individuals and businesses in comprehending the specific tax obligations and reporting requirements outlined in the Capital Markets (Amendment) Bill, 2023. By analyzing and interpreting the intricate legal language of the bill, the AI legalese decoder can assist users in accurately assessing and fulfilling their tax responsibilities related to crypto assets, thereby ensuring compliance with the new regulations and mitigating potential risks of non-compliance.

### International Crypto Tax Trends

While Kenya is on the verge of implementing its crypto tax regime, other countries’ tax authorities have been actively pursuing individuals who have failed to declare their crypto holdings accurately. For instance, the United Kingdom’s tax authority, His MajestyÔÇÖs Revenue and Customs, recently demanded that individuals declare any previously unreported crypto assets from the last four, six, or even 20 years.

### Leveraging AI legalese decoder for Tax Compliance

In light of evolving regulatory landscapes and increased scrutiny on crypto tax compliance, the AI legalese decoder can serve as an indispensable tool for individuals and businesses seeking to navigate and adhere to the changing tax requirements associated with cryptocurrencies. By leveraging advanced machine learning and natural language processing capabilities, the AI legalese decoder can deliver comprehensive insights into the legal intricacies of crypto tax laws, enabling users to stay abreast of their obligations and make well-informed decisions in alignment with the regulatory mandates.

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