Kenya to Propose Crypto Regulatory Framework

Kenya has announced plans to introduce comprehensive cryptocurrency regulations, marking a significant shift from its previous cautionary stance. 

The new "National Policy on Virtual Assets and Virtual Asset Service Providers" aims to create a balanced market while addressing security concerns and protecting investors. 

The legislation, open for public feedback until 24th January, follows Kenya's 2023 risk assessment of virtual assets and positions the country alongside Nigeria and South Africa in adopting crypto regulations. 

As the world's 21st most active cryptocurrency market, Kenya processed $3.3 billion in stablecoin transactions between July 2023 and July 2024. 

This regulatory framework could enhance financial inclusion and establish Kenya as a fintech hub, complementing its existing mobile money ecosystem through M-Pesa.

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