Kenya drafts legal framework to regulate cryptocurrencies

By bne IntelliNews January 13, 2025

Kenya is preparing legalisation to regulate cryptocurrencies, a shift in government policy amid rising public interest in digital assets, The Standard newspaper reported on January 10.

Treasury Secretary John Mbadi announced on January 10 that the draft framework aims to regulate Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) while “managing the resultant risks” that cryptocurrencies facilitate money laundering and fraud.

The announcement comes as Kenya drafts a new proposal titled “National Policy on Virtual Assets and Virtual Asset Service Providers” with the state aim of creating a “fair, competitive, and stable market”.

The draft proposal is open for public feedback until January 24. If approved, Kenya could join other countries on the continent, such as South Africa and Nigeria, which have already implemented cryptocurrency regulations.

While cryptocurrencies are not banned in Kenya, the central bank issued a public notice in December 2015 cautioning against their use, noting that “Bitcoin and similar products are not legal tender nor are they regulated in Kenya” and urging consumers not to use them. 

Related Articles

Turkish firm Bonysocks earmarks $50mn to build Egyptian factory

Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen.  ... ... more

EV market to grow faster in Africa, South America in 2025, expert predicts

Growing investments in renewable energy, such as solar power, complement the expansion of the electric vehicle (EV) industry, especially in areas with limited electricity infrastructure. Zachary ... more

China commits $135mn in military aid to Africa amid strengthened security collaboration

Chinese Foreign Minister Wang Yi has announced $135mn in military aid for Africa, coupled with expanded security cooperation, during his four-nation tour of the continent. Wang’s visit ... more

Dismiss