Kenya’s draft crypto legislation will be open for public comments until January 24
John Mbadi, the Kenyan Minister of Finance, stated that the government is committed to establishing a legal and regulatory framework for cryptocurrencies, and has drafted a proposal for a "National Policy on Virtual Assets and Virtual Asset Service Providers". The proposal aims to create a fair, competitive and stable market for cryptocurrencies, while addressing risks such as money laundering, financing of terrorism, and consumer protection.
The proposal suggests building a comprehensive legal and regulatory framework to manage virtual asset activities and their service providers (VASPs), and to develop relevant standards and procedures. Its goal is to promote the healthy development of the Kenyan virtual asset market. The proposal will be open for public feedback until January 24. If approved, Kenya will join the ranks of countries such as South Africa and Nigeria that have implemented cryptocurrency regulations.
