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Kenya Prepares to Legalize Cryptocurrencies in Policy Shift: Report

Author: Content Editor
Kenya's Treasury Cabinet Secretary, John Mbadi, has announced that the country is working on legislation to legalize cryptocurrencies. This marks a significant shift from the government's previous warnings against the industry. Mbadi emphasized the need for a regulatory framework to take advantage of the benefits of cryptocurrencies while effectively addressing the risks of money laundering, terrorism financing, and fraud. In December, Kenya launched a draft policy for virtual assets and service providers to establish a fair and stable market for cryptocurrency players and promote innovation and financial literacy. Previously, Kenya had taken a cautious approach towards cryptocurrencies, but as the industry continued to grow in the country, lawmakers began considering taxing cryptocurrency transactions. A United Nations report indicated that around 8.5% of Kenyans owned cryptocurrencies. CoinDesk did not receive a comment from Kenya's Treasury before publication.

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