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Kenya is moving to establish a legal framework for cryptocurrencies, following IMF recommendations for policy overhaul. The National Treasury has initiated public consultations on two key documents: a draft policy on virtual assets and a proposed bill for virtual asset service providers, aiming to regulate the industry and address risks like money laundering. This shift marks a significant change from the 2015 ban on crypto use as legal tender, reflecting the growing interest in digital assets among Kenyans.
Kenya is set to introduce legislation allowing the use of cryptocurrencies, marking a significant policy shift from previous government opposition due to concerns over money laundering and scams. Treasury Cabinet Secretary John Mbadi emphasized that this move aims to position Kenya as a leader in financial innovation while addressing associated risks through a regulatory framework. The government has already seen substantial revenue from crypto traders, indicating the sector's potential economic impact.
Kenya is drafting legislation to regulate cryptocurrencies, shifting from previous warnings by the Central Bank of Kenya. The proposed "National Policy on Virtual Assets and Virtual Asset Service Providers" aims to create a stable market while addressing risks like money laundering and consumer protection. Public feedback is open until January 24, and if approved, Kenya could join other African nations with established crypto regulations.
Kenya is set to legalize cryptocurrencies, marking a significant shift from its previous ban on digital assets. Treasury Cabinet Secretary John Mbadi announced plans for a regulatory framework aimed at fostering innovation while addressing risks like fraud and market volatility. The government seeks to create a balanced environment for virtual assets, aligning with global standards while prioritizing consumer protection and financial stability.
Kenya is set to legalize cryptocurrencies, as announced by Treasury Cabinet Secretary John Mbadi, aiming to create a regulated environment for virtual assets and service providers. This legislation seeks to mitigate risks like money laundering and fraud while fostering financial inclusion and innovation. With a growing interest in digital finance, Kenya aims to position itself as a key player in the global digital finance ecosystem.
John Mbadi
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01:30 12.01.2025
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