Kenya Crypto Tax System to Enable Real-Time Transaction Monitoring

Key Points:

• The Kenya Crypto Tax System will enable real-time monitoring of crypto transactions, aiming to reduce tax losses and improve revenue collection.
• Kenya plans to use AI and machine learning in the Kenya Crypto Tax System to detect tax evasion and enhance transparency.

Kenya is set to introduce a real-time tax system for cryptocurrency trading, with the Kenya Crypto Tax System tracking transaction details to curb tax evasion.

Kenya Crypto Tax System to Track Real-Time Transactions

The Kenya tax authority has proposed a real-time system to track cryptocurrency transactions, capturing key details like time and value. The new Kenya Crypto Tax System will include exchanges to try and prevent losses in a fast-growing sector. All this will be executed concurrently with the use of artificial intelligence and machine learning in tax evasion detection, according to Bitcoin.com News.

Read more: Japanese Crypto Tax Is Now Pushing Toward Completion By 2025

AI to Support Kenya’s New Crypto Tax Monitoring System

The Kenya Revenue Authority has now started integrating AI and machine learning in tax collection to make the process more transparent and effective. In this way, suspicious activities could be tracked down with ease to prevent tax evasion in crypto trades. It is in line with Kenya’s bigger method of regulating and taxing digital currencies while still being friendly towards crypto.