Kenya Proposes Regulatory Framework for Cryptocurrencies

The National Treasury of Kenya has proposed a regulatory framework to oversee cryptocurrencies and digital tokens in the country. The draft policy aims to tackle tax evasion, fraud, and cybercrime as the use of these assets grows.

According to the Treasury, the proposal reflects Kenya's shift from considering a ban on virtual assets to integrating them into the formal economy under clear regulations.

The Treasury has raised concerns about risks associated with the unregulated use of cryptocurrencies, including money laundering, terrorism financing, tax evasion, fraud, and cybercrime.

Treasury Cabinet Secretary John Mbadi said that the adoption of this policy would provide a secure and well-regulated environment for virtual assets in Kenya.