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.