IMF Urges Kenya to Revise Virtual Asset Regulations

YM Lee

Summary

The International Monetary Fund (IMF) has urged Kenya to establish a clear and predictable regulatory environment for virtual assets.
The IMF pointed out that Kenya relies on outdated and non-binding regulations.
It emphasized the need to strengthen regulations to reduce exposure to fraud and criminal activities related to virtual assets.

The International Monetary Fund (IMF) has urged Kenya to revise its regulations on virtual assets (cryptocurrency) to enhance consumer protection.

According to a report by Cointelegraph on the 9th (local time), the IMF advised Kenya to establish a clear and predictable regulatory environment for the virtual asset market to address risks related to consumer protection, Anti-Money Laundering (AML), and Countering the Financing of Terrorism (CFT).

The IMF emphasized the need for regulation, stating, "Kenya relies on outdated regulations that are limited and non-binding for the existing market, resulting in exposure to fraud and other criminal activities related to virtual assets."

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