Kenya to Implement Crypto Regulations to Combat Illicit Activities
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- Опубліковано 6 гру 2024
- In response to growing concerns over the surge in cryptocurrency transactions and its potential association with money laundering and terrorism financing, Kenya is taking proactive steps to introduce comprehensive regulations governing virtual asset trading. Recognising the need for oversight in this rapidly evolving sector, the Treasury has enlisted a technical working group to develop robust regulatory frameworks aimed at curbing illicit financial activities facilitated through cryptocurrencies.
Key considerations in the drafting process include the establishment of a dedicated regulatory body to oversee virtual asset transactions, underscoring Kenya's commitment to ensuring transparency and accountability in its financial ecosystem. Despite being recognised as a prominent player in peer-to-peer crypto platforms, Kenya currently operates without specific regulations governing cryptocurrency trading, leaving a regulatory gap that authorities are keen to address.
Saitoti Maika, the director-general of the Financial Reporting Centre (FRC), has emphasised the imperative of implementing effective regulations to safeguard against the exploitation of virtual assets for illicit purposes. With the proliferation of digital financial instruments, regulatory oversight becomes paramount to mitigating the risks of financial crimes such as money laundering and terrorism financing.
Kenya's initiative aligns with broader international efforts spearheaded by organizations like the Financial Action Task Force (FATF) and the Eastern and Southern Africa Anti-Money Laundering Group. By proactively strengthening its regulatory framework, Kenya aims to enhance the integrity of its financial system and mitigate the potential risks associated with unregulated cryptocurrency transactions, thereby fortifying its position against potential graylisting and ensuring sustained financial stability and security. 🇰🇪
Host: Lekan Onabanjo
Guest: Esteban Giudici, Senior Policy Advisor, Tracit, Paris, France
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