PANews reported on January 9 that the International Monetary Fund (IMF) recommended 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The IMF pointed out that Kenya currently relies on outdated regulations in traditional markets and lacks legally binding supervision of the crypto market, leading to an increase in crypto-related fraud and criminal activities.
The IMF recommends that Kenya develop a crypto regulatory environment that is consistent with international frameworks and standards, while taking into account the unique challenges and opportunities of the local market, ensuring that the regulatory framework protects consumers, maintains financial stability, and promotes innovation.
