Kenya is initiating efforts toward crypto regulation, with the government forming a multi-agency team that includes the central bank.<\/p>\n
This group will develop rules and oversight for cryptocurrencies (also known as virtual assets) and the companies that deal in them (Virtual Asset Service Providers), local outlet NTV Kenya reported<\/span><\/a>\u00a0Monday.<\/p>\n Kenyan National Treasury Cabinet Secretary Prof. Njuguna Ndung\u2019u revealed the establishment of the multi-agency working group to the National Assembly. This follows warnings from regulators about unlicensed virtual asset products and a risk assessment by the Central Bank highlighting money laundering and terrorist financing concerns.<\/p>\n This assessment highlighted the potential for money laundering and terrorist financing associated with virtual assets, underlining the need for regulatory measures.<\/p>\n Kenya\u2019s 2022 anti-money laundering report identified virtual assets and virtual asset service providers as areas needing attention.<\/p>\n Further, Kenyan authorities uncovered at least $20m injected into the economy in 2023 through suspicious M-Pesa withdrawals. These transactions were linked to\u00a0the now-suspended iris-scanning project Worldcoin<\/span><\/a>.\u00a0<\/span><\/p>\n <\/span> Kenya\u2019s approach to cryptocurrency regulation seems to be evolving. After a period of negativity, the country\u2019s parliament actively engaged in discussions and projects related to crypto in 2023.<\/p>\n This culminated in the National Assembly\u2019s committee approving the Capital Markets (Amendment) Bill<\/span><\/a>, 2023 in December. This bill, if passed, would significantly change Kenya\u2019s approach to crypto by introducing taxation on crypto exchanges and wallets, similar to traditional bank transactions.<\/p>\n The post Kenya Establishes Multi-Agency Group To Lead Crypto Regulation<\/a> appeared first on Cryptonews<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Kenya is initiating efforts toward crypto regulation, with the government forming a multi-agency team…<\/p>\n","protected":false},"author":0,"featured_media":30995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-30994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts\/30994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/comments?post=30994"}],"version-history":[{"count":0,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts\/30994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/media\/30995"}],"wp:attachment":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/media?parent=30994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/categories?post=30994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/tags?post=30994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Kenya\u2019s Proposed Bill Aims to Regulate Crypto Market<\/h2>\n
\nKenya boasts the highest cryptocurrency activity and interest in the East Africa region. It even ranks among the top five markets<\/span><\/a> across the entire continent. However, <\/span>Kenya falls behind Nigeria<\/span><\/a> in terms of total cryptocurrency ownership, having roughly 4.4m holders.<\/p>\n