Amidst a surge in cryptocurrency transactions and mounting apprehensions concerning their potential involvement in illicit monetary actions, Kenya is gearing as much as implement complete rules governing digital asset buying and selling. Recognising the urgency of addressing these issues, the Treasury has convened a technical working group tasked with crafting strong regulatory frameworks aimed toward curbing the misuse of cryptocurrencies for nefarious functions.
One of many main aims of this regulatory initiative is the institution of a devoted regulatory physique to supervise and monitor digital asset transactions, underscoring Kenya’s dedication to fostering transparency and accountability inside its monetary panorama. Regardless of being recognised as a outstanding participant in peer-to-peer crypto platforms, Kenya at the moment operates with out particular rules governing cryptocurrency buying and selling, leaving a regulatory void that authorities are desperate to fill.
Saitoti Maika, the director-general of the Monetary Reporting Centre (FRC), has emphasised the vital significance of implementing efficient rules to mitigate the chance of digital property being exploited for illicit actions. With the growing prevalence of digital monetary devices, regulatory oversight turns into indispensable in safeguarding in opposition to monetary crimes resembling cash laundering and terrorism financing.
Kenya’s proactive stance aligns with broader worldwide efforts led by organizations just like the Monetary Motion Process Pressure (FATF) and the Jap and Southern Africa Anti-Cash Laundering Group. By fortifying its regulatory framework, Kenya goals to bolster the integrity of its monetary system, preempt potential dangers related to unregulated cryptocurrency transactions, and protect itself in opposition to the prospect of greylisting. This initiative underscores Kenya’s dedication to making sure sustained monetary stability, safety, and integrity within the digital age.
Host: Lekan Onabanjo
Friends:
1. Esteban Giudici, Senior Coverage Advisor, Tracit, Paris, France
2. Muktar Mohammed, CEO, Asheer Dynamic Options, Monetary Analyst, Lagos, Nigeria
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Kenya to Curb Cash Laundering and Unlawful Financing With New Crypto Rules | Enterprise Edge | 20-02-24
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