Kenya Initiates Legislation Process for Cryptocurrency

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Kenya may soon introduce legislation for cryptocurrency operations in response to advice from the International Monetary Fund (IMF). According to IMF standards, Kenya needs to update its cryptocurrency policies so as to comply with international standards; prompting this East African nation’s move.

Regulatory Framework on the Horizon

Kenya’s government is taking steps toward expanding their involvement with the crypto market, evidenced by National Treasury and Economic Planning Department’s call for public input on its regulatory proposal. This proposal relies on two essential documents to shape the future of digital assets and service providers in Kenya. The first document details a policy for managing virtual assets and providers to promote fairness in an efficient marketplace. Two legislative proposals being considered focus on the regulation, licensing and obligations of virtual asset service providers for combatting financial crimes like money laundering and terrorist financing. Public feedback will be welcomed until January 24th; setting in motion their potential transformation into law.

Shifting Perspectives on Cryptocurrency

After Central Bank of Kenya disapproved of cryptocurrency in 2015, their popularity has not diminished among Kenyans who trade them. Therefore, this new initiative for public consultation represents Kenya’s readiness to embrace and integrate this emerging industry into national economy.

John Mbadi, Cabinet Secretary for Treasury & Economic Planning in Kenya, noted the paradigm shift by virtual assets and their service providers, acknowledging both opportunities and challenges associated with them. He expressed optimism that a proposed regulatory framework would mitigate risks associated with crypto market participation such as fraud and money laundering; also responding to IMF recommendations by strengthening its regulatory infrastructure and consumer protection mechanisms.

Kenya’s push toward legalizing and regulating cryptocurrency shows its determination to remain at the forefront of financial innovation trends, ensuring the country remains both competitive and secure in an evolving digital landscape.

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