Kenyan officials have confirmed that the nation is currently preparing legislation to allow cryptocurrency trading, including Bitcoin. John Mbadi, Kenya’s Treasury Secretary Cabinet, says the East African country is working on legislation to legalize crypto assets. This marks a significant shift in the policy towards the industry.
“The emergence and growth of Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) have given rise to innovations in the local and international financial system with dynamic opportunities and challenges,” Mbadi said according to The StandardA local news source. Mbadi said that Kenya’s aim is to take advantage of potential industry benefits. The goal is to minimize the risks of fraud, money-laundering, and terrorist financing that are associated with cryptocurrency.
“The Government of Kenya is committed to creating the necessary legal and regulatory framework in order to leverage opportunities presented by VAs and VASPs while managing the reluctant risks,” Mbadi added. Kenya has already published a draft of a crypto regulatory policy in December. It is currently under review. The bill seeks to establish an “fair, competitive and stable market” Mbadi believes that Kenyan crypto traders can benefit from the new regulations.
Kenya To Reverse Previous Cryptocurrency Ban?
Kenya’s central bank published a notice to the public in December 2015. It warned against cryptocurrency usage and prohibited its use as a tender. The country also has not licensed any cryptocurrency exchanges or services to operate. A UN report from 2022 stated that almost 10% Kenyan citizens held crypto. After that, lawmakers started to weigh the pros and cons of new crypto regulations in Kenya.
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Kenyans can now use cryptocurrency to pay for goods and services, just like other citizens of Africa. South Africa The Central African Republic and other nations have already legalized crypto-operations. Kenya may be one of the many nations to adopt Bitcoin in the future, given its rapid growth.
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Source: watcher.guru
