The government of Kenya is taking steps to legalize and regulate crypto.
Kenya’s National Treasury released a draft policy last month outlining a possible regulatory framework for digital assets.
John Mbadi Ng’ongo, Cabinet Secretary for National Treasury and Economic Planning, said in a draft policy that the Kenyan government wants to “take advantage of the opportunities” presented by crypto and other services providers. virtual assets (VASP) while managing industry risks. .
“This policy guides the establishment of a robust legal and regulatory framework providing the fundamental basis for a fair, competitive and stable market for VAs and VASPs with the aim of fostering innovation, improving financial literacy and to ensure sound risk management. The main objective of this policy is to consolidate Kenya as a major player in the global digital finance ecosystem.
The draft policy represents a radical departure from the Kenyan government’s previous approach to the sector. In 2015, the country’s central bank issued a notice discouraging the public from purchasing cryptocurrencies, emphasizing that digital assets like Bitcoin (BTC) were not legal tender and did not benefit from government protections.
Despite the lack of regulation, Kenyan newspaper The Standard reports that there has been “widespread public use” of crypto in the country in unregulated spaces.
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