Kenya Government Announces Plans to Legalize Cryptocurrencies

The Government of Kenya plans to legalize cryptocurrencies, as announced by Treasury Cabinet Secretary John Mbadi. This marks a shift from the previous ban on digital assets, which has led to a thriving underground market.

Key points include:

Legalization aims to regulate and embrace cryptocurrency usage.
Many Kenyans utilize virtual currencies for cross-border transactions, savings, and investments, especially amid inflation and limited banking access.
The government seeks to foster innovation while managing risks associated with cryptocurrencies.
New regulations will focus on consumer protection, anti-money laundering, and governance.
Kenya intends to align its crypto policies with global standards, following recommendations from the IMF.
Regulatory measures will be tailored to local needs, positioning Kenya alongside countries like Morocco, the U.S., U.K., and Russia.
The government acknowledges risks such as fraud and market volatility and is committed to creating a secure environment for innovation.

Kenya's approach aims to balance growth in the crypto sector while ensuring financial stability.