The Kenyan government is stepping up its game in controlling crypto activities. It has formed a team of experts from various agencies to figure out how to regulate the crypto scene. This move follows last year’s discussion about imposing a 3% tax on crypto trading.
The team, which includes the Central Bank of Kenya, has a clear mission: to establish rules for dealing with cryptocurrencies and the companies offering related services.
Njuguna Ndung’u, the Treasury Cabinet Secretary, highlighted the increase in online scams and risky investments, cautioning people about the dangers of dealing with unregulated financial activities.
Do you remember when the Central Bank’s Financial Reporting Centre investigated virtual assets and service providers in September 2023?
They uncovered serious issues like money laundering and terrorism financing. Adding to the tension, the Directorate of Criminal Investigations recently warned Kenyans about online crypto scams.
Kenya has been actively involved in the crypto scene, with significant trading and interest in East Africa. The government has sought advice from various sources, including a community-based organisation tasked with drafting a regulatory bill for the crypto market.
In February 2024, the Blockchain Association of Kenya presented the initial draft of the bill.
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