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Kenya’s Treasury Cabinet Secretary John Mbadi has announced plans for a draft policy aimed at regulating virtual assets and virtual asset service providers. Speaking on Friday, Mbadi said the proposed framework seeks to leverage the opportunities presented by cryptocurrencies while addressing associated risks, including money laundering, terrorism financing, and fraud, according to The Standard. Mbadi said the Kenyan Government is committed to creating a legal and regulatory framework that will enable VAs and VASPs to reap the benefits. In December, Kenya introduced a draft policy focused on regulating virtual assets and service providers in the cryptocurrency sector. According to Mbadi, the policy aims to foster a fair, competitive, and stable market for industry participants while promoting innovation and financial literacy. Mbadi also pointed to the global trend toward regulating cryptocurrencies, citing examples from Morocco, the United States, and Russia. Africa is home to a rising number of fintech unicorns that provide payment solutions to the region’s largely unbanked population. Kenya’s framework will adopt flexible regulatory approaches to align with international standards and support this growth. The Financial Action Task Force urged Kenya in 2024 to enhance its anti-money laundering efforts and strengthen measures against terrorism financing. The FATF placed Namibia on its watchlist, removed Uganda, and maintained heightened scrutiny on Kenya, South Africa, and Nigeria — a move that could impact Kenya’s trade and investment costs. If adopted, the policy could position Kenya as a major player in digital finance by safeguarding consumers and ensuring compliance with global regulatory standards. Source: https://crypto.news/kenya-preparing-to-legalize-crypto-report/

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Filed under: News - @ January 10, 2025 10:22 pm