The International Monetary Fund suggests that Kenya establish a clear regulatory framework for cryptocurrencies
The International Monetary Fund (IMF) suggests 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 Combating the Financing of Terrorism (CFT).
The IMF points out that Kenya currently relies on outdated regulations from traditional markets, lacks legally binding regulation for the crypto market, leading to an increase in crypto-related scams and criminal activities.
The IMF recommends that Kenya develop a crypto regulatory environment consistent with international frameworks and standards, while considering unique challenges and opportunities of the local market. This will ensure that the regulatory framework can both protect consumers, maintain financial stability, as well as promote innovation.
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