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John Mbadi, Kenya's finance minister, said the government was working to establish a legal and regulatory framework for cryptocurrencies and had drafted a draft proposal for a "National Policy on Virtual Assets and Virtual Asset Service Providers", which aims to create a fair, competitive and stable market for cryptocurrencies while addressing risks such as money laundering, terrorism financing and consumer protection. The draft proposes to establish a comprehensive legal and regulatory framewor...
Kenya is preparing legislation to legalize cryptocurrencies, Kenya's Cabinet Minister of Finance John Mbadi said on Friday, marking a major shift in the government's stance. Cryptocurrencies are banned in Kenya, but are still widely used underground by the public to circumvent restrictions. "The emergence and development of virtual assets and virtual asset service providers has brought innovation and dynamic opportunities and challenges to the local and international financial system," Mbadi sai...
