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Kenya is working on new regulations to police trading in cryptocurrencies including Bitcoin. There is a growing fear that the increased transactions in virtual assets in the country could increase risks of money laundering and terrorism financing
Kenya is working on new regulations to police trading in cryptocurrencies including Bitcoin. There is a growing fear that the increased transactions in virtual assets in the country could increase risks of money laundering and terrorism financing.
A technical working group set up to advise the Treasury on cryptocurrency is currently preparing the draft regulations to be forwarded to the Cabinet for adoption.
There is a sectoral working group that is working on developing a policy document to guide on developing a legal framework that will prescribe what needs to be done and who will be the regulator for digital assets providers, revealed a government source. He also indicated the possibility of setting up a stand-alone regulator for virtual assets.
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Kenya currently lacks regulations for trading in cryptocurrencies despite various reports including Chainalysis—a blockchain analytics firm that rates countries on crypto adoption— ranked Kenya among the top dealers in peer-to-peer cryptocurrency platforms.
