Government moves to regulate cryptocurrency investment
Government moves to regulate cryptocurrency investment with Treasury CS forming a Technical Working Group
Government moves to regulate cryptocurrency investment with Treasury CS forming a Technical Working Group.
The Treasury Cabinet Secretary Njuguna Ndung’u will receive proposals from the Technical Working Group of concerned regulators, according to the government’s plans.
The task force will establish a comprehensive oversight framework on crypto assets activities and players in Kenya.
“All recommendations will be subsequent to wide consultations and deliberations across the financial sector and other relevant stakeholders,” read part of the statement dated Friday, December 16.
The declaration was made at the thirteenth Joint Financial Sector Regulators Forum (JFSRF), which took place from December 13 to December 16, 2022.
The Capital Market Authority, the Central Bank of Kenya, the Insurance Regulatory Authority, the Retirement Benefits Authority, and the Sacco Societies Regulatory Authority were present at the conference (SASRA).
The major policy alterations that have changed the operating environment for businesses and regulators were acknowledged by the leaders.
In order to improve efficient regulation and oversight, the leaders also decided to coordinate the creation of a framework for encouraging the use of technology and innovations in the financial services industry.
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Kenyans, in November 2022, lost millions of shillings as the FXT cryptocurrency exchange company crashed, prompting the need for regulations.
In February 2022, the Central Bank of Kenya announced plans to introduce digital currencies in Kenya.
“The transition to digital payments has been accelerated by the proliferation and easy access to mobile devices, as well as the emergence of Fintech firms that constantly innovate new products to run on these devices,” CBK noted.
In July 2022, the United Nations advised the government to ban advertisements of cryptocurrency businesses on social media.
UN’s advice followed a report that ranked Kenya fifth in digital currency ownership worldwide.
“This new type of virtual, and often disguised, advertisement requires policymakers to expand the scope of regulation beyond traditional media,” the UN noted.
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