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Weekly Roundup: Kenyan Digital Service Tax Will Not Affect Crypto Adoption

Weekly Roundup: Kenyan Digital Service Tax Will Not Affect Crypto Adoption
In this week’s news roundup, you will learn about the new Digital Service Tax in Kenya and what it could mean to crypto companies. We have also highlighted other top crypto stories from Africa.
Kenyan Digital Service Tax Will Not Affect Crypto Adoption
The Digital Service Tax (DST) in Kenya has been in effect since January 1, 2021. The tax affects anyone that derives income “from services offered in the digital marketplace.” Some of the products that the tax authority is currently targeting are event tickets sold online, e-books, subscription-based media, and movies.
At the moment, it is unclear whether crypto companies will be part of the 1000 firms the taxman is targeting . Even if they are, however, stakeholders do not think the tax will deter crypto adoption in the country.
Speaking to Cointelegraph, the country representative of the crypto exchange Bitzlato said:
“With regards to it having a negative impact on crypto adoption in Kenya, I do not believe so as there are so many factors that are driving the rapid growth of crypto in East Africa and the youth are on the forefront pushing this.”
Individuals and companies will pay 1.5 percent of the gross transaction value as the Digital Service Tax. According to the Kenya Revenue Authority (KRA), the Digital Service Tax affects both residents and overseas companies.
“For residents and companies with a permanent establishment in Kenya, the Digital Service Tax will be an advance tax that they will offset against the income taxes due in the course of the financial year. For non-residents and companies without a permanent establishment in the country, the Digital Service tax will be a final tax,” KRA stated in a publication .
That said, crypto regulation in Kenya still seems a far way off. Nevertheless, a regulatory sandbox is in existence. It accepts blockchain companies but does not admit companies dealing with cryptocurrencies .
Binance to Hold Blockchain Week in February
Starting February 1, 2021, Binance will hold a virtual conference dubbed “Binance Blockchain Week.” The five-day event will include live panels, keynote speeches, and a hackathon.
Speakers will include Binance CEO Changpeng Zhao, Chainlink Co-Founder Sergey Nazarov, and the Co-Founder of the Acala Network, Bette Chen.
You can register for this event here .
Electroneum’s Expansion Plans Face Barriers
As Electroneum expands electricity and airtime top-up services with crypto to more African countries, it has come across a significant challenge. According to the head of business development Nigel Pooley, mobile network operators and electricity companies are reluctant to embrace crypto.
“There is very little appetite for crypto amongst these two industries. […] They believe the risks have yet to outweigh the benefits,” he told Cointelegraph.
As they pursue direct partnerships with mobile network operators and electricity companies, Electroneum is working with third-party agents in Africa. These agents are crypto-friendly, hence allowing them to facilitate ETN-based airtime subscriptions and bill payments. ETN is the company’s cryptocurrency.
To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

The post Weekly Roundup: Kenyan Digital Service Tax Will Not Affect Crypto Adoption appeared first on BitcoinAfrica.io .

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