Kenya Moves to Legalize Cryptocurrencies with New Legislation
- Kenya is drafting legislation to legalize cryptocurrencies, shifting from previous government warnings.
- Treasury Cabinet Secretary John Mbadi emphasized the need for a regulatory framework.
- The draft policy aims to create a fair and stable market for cryptocurrency players.
- In December 2015, Kenya’s central bank warned against cryptocurrency use as it wasn’t legal tender.
- By 2022, approximately 8.5% of Kenyans owned cryptocurrencies, according to a UN report.
Kenya is preparing legislation to regulate cryptocurrencies, aiming to establish a fair market while addressing risks like money laundering. This marks a significant shift from its earlier stance against digital currencies.
