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
EFCC arrests ex-NNPCL official and previous Warri managing director
Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested a former CFO of the Nigerian National Petroleum Co. Ltd (NNPCL), as well as a former managing director of 125,000 barrels per ... more
Fitch warns Ghana’s reserves at risk if gold prices plunge amid global geopolitical shifts
A sharp fall in global gold prices, now sitting above a record-high $3,300 per ounce, could rapidly erode Ghana’s international reserves and trigger fresh economic instability, ... more
Ghana’s debt-laden oil refinery TOR faces $517mn burden amid IMF reclassifications
Ghana’s state-owned Tema Oil Refinery (TOR) is grappling with a ballooning debt of $517mn, its management has revealed, attributing the liability to a mix of trade arrears, legacy obligations, and ... more