🚨 Crypto’s Coming Home to Roost 🚨

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It’s a dusty day in the savannah of Kenya, and the winds of change are blowin’ through the land of crypto. The government’s got its eyes on the prize, and that prize is a whole lot of regulatory oversight.

Seems like the powers that be are thinkin’ of makin’ crypto providers set up shop locally, like a digital general store on the corner of Main and Crypto Streets. This new policy’s got its sights set on tightenin’ the reins on the country’s wild west of virtual assets.

Now, don’t you go thinkin’ this is a blanket policy, no sirree. If you’re dealin’ with assets that are stuck in a closed system, like a digital piggy bank, you’re good to go. But if you’re tradin’, transferrin’, or usin’ those assets for payments, well, you’d best be gettin’ ready to set up that local office.

The folks at Chainalysis, a fancy blockchain forensic firm from New York, say Kenya’s got a hankerin’ for crypto. They rank ’em 28th out of 155 countries in their Global Cryptocurrency Adoption Index. That’s a whole lotta crypto love, if you ask me.

And let’s not forget, back in 2023, Kenya slapped a 3% tax on crypto transactions. But, as it stands, the sector’s still as wild as a mustang. If this draft law passes, crypto businesses’ll have to get cozy with the local authorities, and that’s a whole different ball game.

The draft law’s up for public input, but don’t hold your breath waitin’ for it to take effect. It’s like waitin’ for the rains to come in the savannah – it’ll get here when it gets here.

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2025-01-21 14:39