John Mbadi, the Kenya’s Treasury Cabinet Secretary, has disclosed intentions to create a blueprint for a policy that will oversee digital currencies and businesses dealing with them.
On Friday, Mbadi expressed that the suggested structure aims to capitalize on the advantages offered by cryptocurrencies, all the while managing related threats such as money laundering, funding of terrorism, and fraud, as reported by The Standard.
Mbadi stated that the Kenyan government intends to establish a lawful system and guidelines for Virtual Asset Service Providers (VASPs) and their partners (VAs) to maximize their advantages.
JUST IN: 🇰🇪 Kenya to legalise Bitcoin and crypto with new legislation – Kenya Treasury Secretary
— Bitcoin Archive (@BTC_Archive) January 10, 2025
In December, a regulatory draft policy was proposed by Kenya, focusing on managing virtual assets and cryptocurrency service providers. As per Mbadi, this policy seeks to establish a level playing field, encourage competition, and maintain market stability among industry players. It also aims to stimulate innovation and financial understanding within the sector.
Additionally, Mbadi highlighted the growing movement towards controlling digital currencies, providing instances from Morocco, the U.S., and Russia as evidence.
As an analyst, I’m observing a significant increase in fintech unicorns based in Africa, particularly those offering payment solutions to the vastly underserved banking sector. To foster this growing trend, Kenya is adopting a flexible regulatory approach that aligns with international standards, thereby encouraging and supporting this growth.
2024 saw the Financial Action Task Force advising Kenya to bolster its efforts against money laundering and improve its counter-terrorism financing strategies. As a result, Namibia was added to FATF’s monitoring list, Uganda was removed, and close observation was maintained on Kenya, South Africa, and Nigeria. This action might influence the costs of trade and investment for Kenya.
Implementing this policy might help Kenya become a prominent figure in digital finance, as it would protect consumers and maintain conformity with international regulatory norms.
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2025-01-10 22:55