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What will be the outcome of Kenya's public consultation on cryptocurrency legislation by February 15, 2025?
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Resolution / Starting Odds
Majority support legalization • 25%
Majority oppose legalization • 25%
Mixed opinions with no clear majority • 25%
Insufficient data for conclusion • 25%
Summary report from the Kenyan National Treasury after the consultation period
Story
Kenya Moves to Legalize Cryptocurrencies, Initiates Public Consultation Led by John Mbadi
Jan 10, 2025, 06:01 PM
Kenya is moving forward with plans to legalize cryptocurrencies, as announced by Treasury Cabinet Secretary John Mbadi. The country is currently drafting legislation to establish a regulatory framework for virtual assets and virtual asset service providers (VASPs). This initiative includes a public consultation period, with forums scheduled across counties starting January 20, 2025, and public input invited until January 24, 2025. The draft policy, developed by the Kenyan National Treasury and Economic Planning in December 2024, aims to address issues such as anti-money laundering (AML) and terrorism financing, drawing inspiration from international standards and practices from countries like the UK, France, and the US. The policy shift marks a significant change in Kenya's approach to cryptocurrencies, which were previously banned but widely used underground.
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Further review needed • 25%
Other • 25%
Adoption of proposed changes • 25%
Rejection of proposed changes • 25%
Passed • 25%
Failed • 25%
Postponed • 25%
Withdrawn • 25%
Failed • 33%
Passed • 33%
Postponed • 34%
Other • 25%
Establishment of Bitcoin Reserve • 25%
Formation of Advisory Council • 25%
Drafting of Legislation • 25%
High industry input • 25%
Moderate industry input • 25%
Low industry input • 25%
No new regulations • 25%
No decision made • 25%
Proposals rejected • 25%
Proposals accepted • 25%
Proposals partially accepted • 25%
Revised • 25%
Approved • 25%
Rejected • 25%
Postponed • 25%
