Kenya is working on new laws to allow the use of cryptocurrencies, according to a senior official in President William Ruto’s administration. Treasury Cabinet Secretary John Mbadi explained that this policy shift aims to keep Kenya at the forefront of financial innovation in Africa.
This marks a significant change from the previous government’s stance, which was skeptical of cryptocurrencies. Concerns about money laundering, terrorism financing, and scams had led to strict opposition in the past.
Despite these warnings, many Kenyans continued to adopt cryptocurrencies, and studies have shown growing interest in the industry. The government has also benefited from this trend, collecting $77 million in taxes from crypto traders. This financial potential, along with the government’s recent move into bitcoin mining, appears to have driven the change in approach.
Kenya Eyes Crypto Regulation to Boost Innovation and Address Risks
Kenya’s financial sector is a leader in innovation and growth across Africa, said Treasury Cabinet Secretary John Mbadi. He noted that the rise of virtual assets (VAs) and virtual asset service providers (VASPs) has brought new opportunities and challenges to both local and global financial systems.
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While acknowledging the risks associated with cryptocurrencies, Mbadi emphasized that these risks can be managed through a well-designed framework. This framework would focus on maximizing the benefits of cryptocurrency while minimizing potential downsides. He also highlighted that the proposed draft legislation aims to establish a fair, competitive, and stable market for virtual assets and service providers, while promoting financial education among the public.
Disclaimer: The content provided here is for educational purposes only and is intended to raise awareness about cryptocurrency and blockchain technology. It should not be considered as financial or investment advice. Before investing in any cryptocurrency or token, we strongly encourage you to conduct thorough research, understand the associated risks, and make informed decisions (DYOR – Do Your Own Research). For detailed guidance, consult a qualified financial advisor.
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