{"id":19465,"date":"2023-04-04T07:13:39","date_gmt":"2023-04-04T07:13:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/alleged-kenyan-bill-proposes-widening-definition-of-securities-to-include-crypto-assets-bitcoin-news\/"},"modified":"2023-04-04T07:13:39","modified_gmt":"2023-04-04T07:13:39","slug":"alleged-kenyan-bill-proposes-widening-definition-of-securities-to-include-crypto-assets-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/alleged-kenyan-bill-proposes-widening-definition-of-securities-to-include-crypto-assets-bitcoin-news\/","title":{"rendered":"Alleged Kenyan Bill Proposes Widening Definition of Securities to Include Crypto Assets \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A bill seeking to put blockchain and crypto assets under the purview of the Kenyan Capital Markets Authority is supposedly set to be debated in the country\u2019s parliament. The bill also seeks to \u201cwiden the meaning of \u2018securities\u2019 to capture digital currencies.\u201d The persons that receive licenses from the regulator are also required to maintain records of all digital currency transactions and to pay taxes on any gains made.<\/strong><\/p>\n

Bill Proposes to Widen Definition of Securities<\/h2>\n

According to Amboko Julians, a Kenyan economist and blogger, the East African nation\u2019s parliament is set to debate a bill that proposes to place blockchain technology and digital currencies under the purview of Kenya\u2019s Capital Markets Authority (CMA). Besides seeking to incorporate the definitions of blockchain and cryptocurrencies, Julians claimed that the bill also proposes \u201cto widen the meaning of \u2018securities\u2019 to capture digital currencies.\u201d<\/p>\n

In his March 28 Twitter thread<\/a>, Julians shared the supposed screenshots of the bill that is being sponsored by the Kenyan legislator Abraham Kipsang Kirwa. As shown in the screenshots, Kirwa\u2019s bill proposes that persons seeking to introduce a cryptocurrency must first obtain a license from the capital markets regulator.<\/p>\n

\u201cA person who intends to introduce a new cryptocurrency product shall make an application to the Authority in the prescribed form for a licence,\u201d reads the alleged bill<\/a>.<\/p>\n

Disclosure of Crypto Activity<\/h2>\n

The bill adds that the person making the application will also have to demonstrate to the regulator that the cryptocurrency in question \u201cwas subjected to a product development period of not less than two years.\u201d In addition, the regulator will have to be satisfied that the crypto was subjected to a product test \u201con a customer base of not less than ten thousand.\u201d<\/p>\n

To Kenyan residents who are recipients of the digital currency trading licenses, the bill says such persons must register with the CMA. They are also required to maintain records of all digital currency transactions and to pay taxes on any gains made.<\/p>\n

Meanwhile, the bill also proposes that anyone in Kenya who possesses or trades digital currencies must disclose the amount of crypto held, as well as when this was acquired and disposed of. If the bill is passed by the Kenyan parliament, persons trading in digital currencies will be required to apply for a license from the CMA within six months.<\/p>\n

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What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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