Kenya Explores Cryptocurrency Legalization in Shift Towards Regulation
Kenya is considering a significant shift in its stance on cryptocurrencies. After years of skepticism, the government is now exploring the legalization of digital assets through a comprehensive regulatory framework.
The International Monetary Fund (IMF) has been instrumental in guiding Kenya towards this move. It has recommended establishing a robust system to regulate digital assets, including defining and classifying cryptoassets, promoting cooperation among institutions, and ensuring continuous market monitoring. The IMF also stressed the importance of adhering to international norms for consumer protection and preventing money laundering.
The proposed legislation, spearheaded by the Secretary of the Treasury John Mbadi, aims to create a 'fair, competitive, and stable market' for users. It seeks to foster financial inclusion and economic development while ensuring safety. The initiative is open to public comments until January 24, allowing Kenyan citizens to contribute to the regulatory process.
The potential legalization of cryptocurrencies in Kenya could bring economic benefits such as attracting foreign investment, promoting innovation, and facilitating faster, safer transactions. The proposed legislation focuses on regulating trading with virtual assets and the activity of service providers of these cryptoassets. This move reflects a change in Kenya's stance towards cryptocurrencies, shifting from skepticism to a more open and regulated approach.
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