In response to rising issues over the surge in cryptocurrency transactions and its potential affiliation with cash laundering and terrorism financing, Kenya is taking proactive steps to introduce complete rules governing digital asset buying and selling. Recognising the necessity for oversight on this quickly evolving sector, the Treasury has enlisted a technical working group to develop strong regulatory frameworks aimed toward curbing illicit monetary actions facilitated by way of cryptocurrencies.
Key concerns within the drafting course of embody the institution of a devoted regulatory physique to supervise digital asset transactions, underscoring Kenya’s dedication to making sure transparency and accountability in its monetary ecosystem. Regardless of being recognised as a distinguished participant in peer-to-peer crypto platforms, Kenya at the moment operates with out particular rules governing cryptocurrency buying and selling, leaving a regulatory hole that authorities are eager to deal with.
Saitoti Maika, the director-general of the Monetary Reporting Centre (FRC), has emphasised the crucial of implementing efficient rules to safeguard towards the exploitation of digital property for illicit functions. With the proliferation of digital monetary devices, regulatory oversight turns into paramount to mitigating the dangers of monetary crimes akin to cash laundering and terrorism financing.
Kenya’s initiative aligns with broader worldwide efforts spearheaded by organizations just like the Monetary Motion Job Pressure (FATF) and the Japanese and Southern Africa Anti-Cash Laundering Group. By proactively strengthening its regulatory framework, Kenya goals to boost the integrity of its monetary system and mitigate the potential dangers related to unregulated cryptocurrency transactions, thereby fortifying its place towards potential graylisting and guaranteeing sustained monetary stability and safety. 🇰🇪
Host: Lekan Onabanjo
Visitor: Esteban Giudici, Senior Coverage Advisor, Tracit, Paris, France
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