IMF Highlights the Need for Strengthened Crypto Regulations in Kenya
by aria-crypto.com
January 9, 2025 at 11:18
IMF Highlights the Need for Strengthened Crypto Regulations in Kenya
The International Monetary Fund (IMF) has highlighted several deficiencies in Kenya's regulatory approach to cryptocurrencies and urged the country to create a comprehensive regulatory framework. Outdated regulations currently in place are not suitable for the evolving crypto landscape, increasing vulnerabilities to scams and illicit activities. The IMF's consultations in Nairobi revealed a significant discrepancy among Kenyan lawmakers on how to handle cryptocurrency regulation. Recommendations from the IMF include adopting international standards like the Bali Fintech Agenda and the Financial Action Task Force (FATF) Recommendations to ensure protection and stability. Short-term suggestions focus on empirical research and enhancing regulatory collaboration, while long-term strategies involve creating legal frameworks and strengthening supervisory capabilities. Furthermore, the IMF advises clearer definitions of cryptocurrency in financial legislation to prevent terminological inconsistencies and enhance legal clarity. This is part of a broader suggestion to improve international cooperation to mitigate risks associated with global crypto activities. The IMF plans to continue supporting Kenya through financial mechanisms and direct consultations.
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