IMF recommends Kenya to develop clear cryptocurrency regulatory framework

the International Monetary Fund (IMF) has suggested that Kenya create a clear and predictable regulatory environment for the cryptocurrency market to protect consumers and address risks related to anti-money laundering (AML) and counter-terrorism financing (CFT). The IMF pointed out that Kenya currently relies on outdated regulations from traditional markets and lacks legally binding regulations for the cryptocurrency market, leading to an increase in cryptocurrency-related scams and criminal activities.

The IMF recommends that Kenya develop a cryptocurrency regulatory environment that is consistent with international frameworks and standards, while also considering the unique challenges and opportunities of the local market, to ensure that the regulatory framework can both protect consumers and maintain financial stability, as well as promote innovation.