Kenya’s parliament is considering a bill that would introduce a 3% tax on cryptocurrency and nonfungible token (NFT) transfers, as well as a 15% tax on monetized online content, according to the newly introduced Finance Bill 2023.

The proposed legislation would require exchanges and individuals initiating the transfer of digital assets to collect the tax, with the exchanges also required to register under the tax regime if not based in Kenya.

The bill has garnered a mixed response, with some seeing the recognition of crypto and NFTs as a positive move, while others called the tax “targeted harassment” and too high compared to existing trading fees.

The bill will undergo further readings, committees and reports before it can become law.