Kenyan Treasury Cabinet Secretary John Mbadi has refuted claims that the Finance Bill 2026 introduces new taxes on cryptocurrency transactions. On May 25, Mbadi clarified that the bill's adjustments aim to address regulatory gaps in digital asset transactions, not to impose new taxes. He emphasized that the proposal seeks to apply existing financial reporting standards to virtual assets. Despite Mbadi's assurances, a KPMG analysis warns that the bill will increase compliance costs for digital platforms. The bill mandates Virtual Asset Service Providers to submit detailed annual reports to the Kenya Revenue Authority, aligning Kenya with global tax compliance standards. Additionally, the bill's broader provisions could impact fintech operations by expanding tax obligations on management and professional fees. Mbadi also addressed public concerns over data privacy, confirming that the bill does not allow unchecked access to personal mobile money transactions. Existing data protection laws remain in effect, ensuring privacy for users' financial data.