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.
Related Articles
Eni and Shell boost stakes in Nigerian deepwater OML118 as TotalEnergies exits
A restructuring of OML 118, which hosts the Bonga field – Nigeria’s first deepwater oil development – has taken place with subsidiaries of majors Eni (NYSE:E, BIT:ENI) and Shell (LSE/NYSE:SHEL) ... more
Leo Lithium receives first TPSF payment from Goulamina (Mali) shipments
Leo Lithium Ltd (ASX:LLL) has received its first trailing product sales fee (TPSF) payment under the TPSF Deed, following initial spodumene concentrate shipments from the Goulamina Lithium Project in ... more
West Africa–focused Perseus Mining extends AUD100mn buy-back to August 2026
West Africa–focused gold producer Perseus Mining Limited (ASX/TSX:PRU) has extended its on-market share buy-back for a further 12 months after failing to acquire additional shares during the first ... more
Most Read
-
US expands oil sanctions on Russia
30 days ago
-
India’s smart metering push gains momentum
4 months ago