A comparison between Kenya’s proposed 3% tax on cryptocurrencies and Binance’s 0.10% trading fee reveals a stark difference in costs for traders. Kenya’s move towards cryptocurrency regulation began in November, with amendments to capital market regulations requiring individuals who hold or trade cryptocurrencies to provide information to authorities.
Despite this regulatory stance, Kenya has emerged as one of the top 20 countries for cryptocurrency usage. A September survey by Chainalysis, a blockchain analytics company, ranked Kenya 19th in terms of cryptocurrency usage.
When compared to Binance’s trading fees, which stand at 0.10%, the proposed 3% tax on cryptocurrencies in Kenya appears steep. However, it remains to be seen whether this tax will have a significant impact on cryptocurrency adoption in the country.
As Kenya continues to regulate its cryptocurrency market, the future of digital assets in the nation remains uncertain. Nevertheless, the growing interest in cryptocurrency among Kenyan citizens suggests that the sector will continue to grow and evolve in the country.
