The change in cryptocurrency tax is shaking the digital economy of Kenya.

Kenya has implemented a 1.5% tax on each cryptocurrency transaction, raising concerns in the African fintech sector. Although seen as a revenue-raising measure, many believe it may drive talent and startups out of the country. Nairobi, once a fintech hub, risks losing its competitive edge as companies may relocate to more crypto-friendly regions.

Content creators and freelancers who rely on cryptocurrency will face more difficulties in making a living. They may turn to unregulated platforms to reduce costs.

The Kenyan National Assembly's Finance Committee is proposing a smarter regulatory framework that integrates digital assets into existing law and encourages public education. However, the Virtual Asset Service Bill still lacks privacy protections.

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