Kenya is preparing legalisation to regulate cryptocurrencies, a shift in government policy amid rising public interest in digital assets, The Standard newspaper reported on January 10.
Treasury Secretary John Mbadi announced on January 10 that the draft framework aims to regulate Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) while “managing the resultant risks” that cryptocurrencies facilitate money laundering and fraud.
The announcement comes as Kenya drafts a new proposal titled “National Policy on Virtual Assets and Virtual Asset Service Providers” with the state aim of creating a “fair, competitive, and stable market”.
The draft proposal is open for public feedback until January 24. If approved, Kenya could join other countries on the continent, such as South Africa and Nigeria, which have already implemented cryptocurrency regulations.
While cryptocurrencies are not banned in Kenya, the central bank issued a public notice in December 2015 cautioning against their use, noting that “Bitcoin and similar products are not legal tender nor are they regulated in Kenya” and urging consumers not to use them.
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