Kenya moves to regulate cryptocurrencies as use grows

Treasury notes that virtual assets have gained traction in the country due to the public’s desire for alternative investment options.

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Kenya has released a draft national policy that will guide the regulation of cryptocurrencies and digital tokens in a bid to curb tax evasion, fraud and cybercrime amid growing use of the emerging assets.

The National Treasury has issued the Draft National Policy on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), with public input expected to result in a document that will guide the development of the proposed regulation.

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