John Mbadi noted that the Kenyan government recognizes the high risks associated with the circulation of crypto assets, including money laundering, terrorist financing and fraud. However, according to the minister, the prohibitive measures did not bring the desired result and led to the fact that the population continued to use cryptocurrencies underground, and the digital asset market went into the shadow zone.
A population survey conducted in 2023 showed that citizens of the country aged 18 to 40 years old are showing increased interest in virtual assets and are interested in legalizing them. Kenyans are increasingly using crypto assets as an alternative form of investment or payment due to their high speed, accessibility and anonymity.
Mbadi stressed that the creation of an updated regulatory framework for digital assets will serve to create a “fair, competitive and stable market for virtual asset service providers” while reducing potential risks.
Another goal that determined the need for future changes in government cryptopolicy was identified by the Minister of Finance to consolidate Kenya as a major player in the global ecosystem of digital finance on the African continent.
The day before, the International Monetary Fund (IMF), at the request of the Kenyan authorities, gave the country’s government its recommendations on creating a safe and predictable regulatory environment necessary to regulate the national cryptocurrency market.
Source: Bits
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