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Kenya will need KES 1.82 billion (~$14 million) to introduce regulations for the use of cryptocurrency and digital tokens in the country, the Ministry of Finance has said.
Kenya is looking to regulate crypto assets as part of efforts to modernize its anti-money laundering and counter-terrorism financing strategies, in a bid to be removed from the Financial Action Task Force (FATF) grey list, which identifies countries at risk of money laundering.
“Kenya is seeking to introduce cryptocurrency and digital token regulations to avoid remaining on the Financial Action Task Force (FATF) ‘grey list,’ which identifies countries at risk of money laundering.”
Interestingly, BitKE has consistently highlighted previous greylistings as being related to a lack of crypto regulation in South Africa, Nigeria, and Botswana. Soon after passing virtual assets legislation, these countries were removed from the grey list.
Now, as Kenya looks to introduce crypto regulations, it has invited the public to submit comments on the draft rules by January 24, 2025.
According to a first draft of the regulations, introducing the law will involve contributions from approximately 27 institutions, including the Central Bank of Kenya, Capital Markets Authority, Insurance Regulatory Authority, Financial Reporting Centre, Office of the Data Protection Commissioner, State Law Office, and National Intelligence Service.
The draft draws inspiration from policies in other African nations and beyond. It aims to facilitate domestic and international cooperation while striking a balance between regulatory compliance and fostering financial innovation.
The East African nation, which has lagged behind other African nations in terms of clear regulations, recently invited public comments on the draft rules, with views to be submitted to the email address [email protected] and copied to [email protected] on or before January 24 2025.
Members of the public are invited to come and give their views on the two documents in the locations below.
https://t.co/AjE8PC3Ol6 @KeTreasury pic.twitter.com/ve8pafZ0Aw
— BitKE (@BitcoinKE) January 10, 2025
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