TechWorld/Foreign News

Kenya puts team together to regulate crypto market

The Kenyan government is getting serious about regulating the crypto scene. It has put together a team from different agencies to figure out how to monitor crypto in the country.

This move comes after the government floated the idea of slapping a 3% tax on crypto trading last year.

This new team, including the Central Bank of Kenya, has one task: develop rules for dealing with cryptocurrencies and the companies that provide related services.

The Treasury Cabinet Secretary, Njuguna Ndung’u, pointed out the rise of online scams and dodgy investments, warning folks about the risks of messing with unregulated financial stuff.

Remember in September 2023 when the Central Bank’s Financial Reporting Centre did a deep dive into the risk of virtual assets and service providers? Yeah, they found some serious concerns, like money laundering and financing terrorism.

The Directorate of Criminal Investigations recently warned Kenyans about online crypto scams.

Kenya is not new to the crypto game. It’s a big deal in East Africa, with lots of trading and interest.

The government had previously asked a community-based organization to draft a bill to regulate the crypto market, and in February, the Blockchain Association of Kenya came up with the first draft.

(Techpoint Africa)

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