Kenyan crypto firms plan new fight on asset tax

Kenyan cryptocurrency companies are teaming up for what could be their last might be their last stand against the country's controversial 3% digital asset tax (DAT)

Kenyan crypto firms are planning a last-might attempt to get the country’s controversial 3% digital asset tax (DAT) scrapped, according to industry sources close to Mariblock.

The group plans to bring in a global tax advisory firm (like PwC) to further support its arguments against the tax.

The digital asset levy, which is set to come into effect in September, has sparked outrage among crypto companies in Kenya, leading them to band together in a desperate bid to salvage their businesses.

"We are engaging with the government to highlight the devastating consequences of taxing cryptocurrencies at the 3% rate, which could ultimately lead to the demise of the nascent crypto industry in Kenya," said the crypto firms in a statement seen by Mariblock.

"This move would not only set back Kenya's position as a regional blockchain hub but also serve as a setback for the nation's broader economic aspirations."

The move comes as the : Nairobi Securities Exchange (NSE) is taking its biggest step yet into the crypto world by teaming up with DeFi Technologies to launch the Kenya Digital Exchange (KDX).

This new platform will enable the digitization and trading of both intangible assets, such as equities, debts, and exchange-traded funds, and tangible commodities like gold and oil, all on a blockchain-based system.

The NSE will transfer its existing Top 40 equities, bonds, ETFs, and other products to the KDX, marking a significant shift in the exchange’s offerings.

The NSE has been working to digitize its operations and broaden its listings to include digital assets.

Earlier this year, the exchange announced plans to introduce bitcoin futures contracts and expand into new asset classes, aiming to attract a younger generation of investors.

The NSE’s move to launch the KDX signals the exchange’s determination to take a leading role in the evolving landscape of digital assets and expand its footprint beyond traditional securities.

This development underscores the growing convergence of traditional finance and blockchain technology, as institutions seek to adapt to the evolving preferences of investors and the emerging opportunities in the digital economy.

The launch of the KDX is expected to be a major event in the Kenyan and broader African financial markets, showcasing the NSE’s commitment to innovation and its vision for the future of investing in a digitized world.

The varsity hopes to launch the courses by November 2023. A statement from the varsity said that the courses will be offered at the university's School of Continuing and Distance Education.

"The courses will be available at certificate and diploma levels, with plans to expand to higher degree programs in the future," the varsity said.

The courses will cover topics such as blockchain technology, cryptocurrency fundamentals, and digital asset management. They will be designed to cater to professionals from various industries who wish to advance their knowledge and skills in the cryptocurrency domain.

"We are seeing an increasing demand for cryptocurrency-related courses and programs from professionals who want to upskill and stay ahead of the curve," said Prof. P.A. Kibiwanga, the vice-chancellor of Cooperative University.

"We are proud to be launching these courses to meet this need and contribute to the development of a skilled workforce in the cryptocurrency industry."

The varsity also said that it is in talks with several cryptocurrency companies to provide internships and employment opportunities to students who complete the courses.

"We want to ensure that our graduates are well-prepared for the jobs of the future," said Kibiwanga.

"We are committed to working with industry partners to provide our students with the best possible learning experience."

The varsity's move comes as several universities around the world are introducing cryptocurrency-related courses in response to the growing interest in the digital asset class. For example, Stanford University began offering a course on blockchain, cryptocurrency, and the decentralized web in 2019.

The varsity's move is sure to spark interest among professionals in Kenya who are looking to advance their knowledge and skills in the cryptocurrency domain.

The courses could also help to boost the varsity's own profile and attract new students.

This story was originally featured on Mariblock.io and has been modified for CCXV.ioreaders.

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