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Cryptocurrencies to Be Legalized in Kenya
A local newspaper cites Treasury Cabinet Secretary John Mbadi as saying that Kenya is about to make a policy change by introducing legislation to legalize cryptocurrency.
Mbadi, in a Friday speech, detailed the government's intentions to establish regulations for the cryptocurrency business, which has been operating underground despite a formal prohibition.
Speaking on Kenya's banking industry, Mbadi praised it as an example of African creativity and progress. "New possibilities and threats have emerged in the global and domestic financial systems as a result of the development and expansion of virtual assets and the businesses that provide these services."
Kenya should reap the advantages of the cryptocurrency market while minimizing its hazards, according to Mbadi, who acknowledged the perils of cryptocurrencies include fraud, money laundering, and terrorist funding.
Additionally, he said that the Kenyan government is dedicated to developing the appropriate legal and regulatory framework to take advantage of VAs and VASPs while mitigating the dangers that come with them.
Global Monetary Fund Calls on Kenya to Set Clear Crypto Regulations
Improving financial literacy and creating a level playing field in the cryptocurrency industry are two goals of the proposed regulation.
In a recent statement, the International Monetary Fund (IMF) asked Kenya to address consumer protection and financial crime issues associated to cryptocurrencies by developing rules. This approach is in line with those demands.
On January 8, the International Monetary Fund (IMF) published a technical assistance study in which it highlighted problems with Kenya's present strategy for regulating cryptocurrency.
This change in regulation has the potential to make Kenya a regional center for blockchain innovation while also addressing systemic issues, as the country joins an increasing number of African governments that are adopting bitcoin.
#Kenya #USJobsSurge256K #BTC $BTC
A local newspaper cites Treasury Cabinet Secretary John Mbadi as saying that Kenya is about to make a policy change by introducing legislation to legalize cryptocurrency.
Mbadi, in a Friday speech, detailed the government's intentions to establish regulations for the cryptocurrency business, which has been operating underground despite a formal prohibition.
Speaking on Kenya's banking industry, Mbadi praised it as an example of African creativity and progress. "New possibilities and threats have emerged in the global and domestic financial systems as a result of the development and expansion of virtual assets and the businesses that provide these services."
Kenya should reap the advantages of the cryptocurrency market while minimizing its hazards, according to Mbadi, who acknowledged the perils of cryptocurrencies include fraud, money laundering, and terrorist funding.
Additionally, he said that the Kenyan government is dedicated to developing the appropriate legal and regulatory framework to take advantage of VAs and VASPs while mitigating the dangers that come with them.
Global Monetary Fund Calls on Kenya to Set Clear Crypto Regulations
Improving financial literacy and creating a level playing field in the cryptocurrency industry are two goals of the proposed regulation.
In a recent statement, the International Monetary Fund (IMF) asked Kenya to address consumer protection and financial crime issues associated to cryptocurrencies by developing rules. This approach is in line with those demands.
On January 8, the International Monetary Fund (IMF) published a technical assistance study in which it highlighted problems with Kenya's present strategy for regulating cryptocurrency.
This change in regulation has the potential to make Kenya a regional center for blockchain innovation while also addressing systemic issues, as the country joins an increasing number of African governments that are adopting bitcoin.
#Kenya #USJobsSurge256K #BTC $BTC
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