International monetary fund advises Kenya to develop clear cryptocurrency regulatory framework

The International monetary fund (IMF) has recommended that Kenya create a clear and predictable regulatory environment for the cryptocurrency market to protect consumers and address anti-money laundering (AML) and counter-terrorism financing (CFT) related risks. The IMF noted that Kenya's current reliance on outdated regulations in traditional markets and the lack of legally binding regulation of the crypto market have led to an increase in crypto-related fraud and criminal activity.
The IMF recommended that Kenya develop a crypto regulatory environment that is consistent with international frameworks and standards, 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.