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Treasury to spend Sh1.8bn on crafting crypto laws
Kenya is keen to regulate crypto assets as part of efforts to update its anti-money laundering and combating terrorism financing strategies to get out of the Financial Action Task Force grey list.
The National Treasury estimates that the country will require Sh1.82 billion to formulate and publicise regulations for the use of cryptocurrency and digital tokens in the country.
The estimates contained in the Treasury’s Draft National Policy on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), show the bulk of the amount will be spent on drafting the regulations as the country pushes to curb tax evasion, fraud and cybercrime amid the growing use of cryptocurrencies.
