Kenya Seeking Ksh1.82bn To Develop New Crypto Laws
Kenya’s National Treasury has announced a projected budget of Sh1.82 billion to draft and promote regulations governing cryptocurrency and digital tokens in the country.
This allocation, highlighted in the Treasury’s Draft National Policy on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), reflects the government’s determination to combat tax evasion, fraud, and cybercrime, which have become increasingly prevalent with the growing adoption of cryptocurrencies.
A Virtual Asset (VA) is defined as a digital representation of value that can be traded or transferred electronically. It can serve various purposes, including payments, investments, or other applications.
The policy’s implementation plan reveals that Sh800 million will be directed toward developing a robust legal framework.
This framework aims to align with international standards and incorporate measures to counter money laundering, terrorism financing, and proliferation financing while adhering to global best practices.
This regulatory initiative underscores Kenya’s efforts to create a safer and more transparent environment for cryptocurrency usage while fostering innovation in the digital finance space.
