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The Kenyan government has invited public comments on draft crypto policies. According to the country’s Ministry of National Treasury and Economic Planning, the draft regulations were developed through a multi-agency task force. The Kenyan Ministry of National Treasury and Economic Planning published a request for public comments on two draft legislations related to crypto. The Ministry also rolled out the Virtual Assets Service Providers bill, which is set to be tabled before parliament.  Kenyan government invites the public to make comments on draft crypto regulations The Ministry of National Treasury and Economic Planning set January 2025 as the deadline for public participation in the two legislations. The first legislation is the draft policy on virtual assets and virtual asset service providers, and the second is the Virtual Asset Service Providers Bill 2024. According to the ministry, the two legislations were formulated by a multi-agency task force within the country. The ministry added that the bill and policy would be accessible to the public on its official website.  The government agency highlighted that public participation was in accordance with the Statutory Instruments Act 2013. The act provides that citizens should air their views on any intended laws and regulations within the country. The ministry added it would also conduct public participation forums nationwide and outlined the schedule in the announcement.  John Mbadi, Kenya’s cabinet secretary for the National Treasury and Economic Planning Ministry, appreciated the need for financial inclusion through technological advancements within the county. He also recognised the rise in virtual assets in the global space presented opportunities for innovation in the local financial system.  Mbadi also acknowledged the rise of virtual assets presented challenges such as terrorism financing, money laundering, fraud and cybercrime. The cabinet secretary noted that these challenges underscored the urgent need for a legal and regulatory…

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Filed under: News - @ January 10, 2025 10:20 pm