India banned crypto exchanges that didn’t comply with FIU guidelines, but market experts point to a lack of regulatory clarity and high taxation, forcing crypto traders to rush to foreign exchanges.
According to Coin Center executive director Jerry Brito, it’s “unclear how one can comply” with the crypto tax reporting guidelines in 2024.
Thirty companies were granted virtual asset service provider licenses in the country during the year.
The Capital Markets (Amendment) Bill will now be introduced to the lower chamber of the Kenyan parliament.