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Coin Edition 2025-01-11 09:31:23

Kenya’s Crypto Ban Nears End: Legal Framework in Development

Kenya is set to legalize cryptocurrency trading with new regulations. The government aims to balance innovation with risks like fraud and money laundering. Despite past restrictions, 10% of Kenyans hold cryptocurrency, signaling a shift. Kenya has noted a “yes” to the future of digital finance by legalizing crypto trading. Treasury Cabinet Secretary John Mbadi announced that the government is building a legal framework to regulate crypto, including Bitcoin. JUST IN: Kenya to legalize Bitcoin and crypto. — Watcher.Guru (@WatcherGuru) January 10, 2025 This move comes after years of restrictions that banned digital currencies in East Africa. But despite the ban, people kept using digital assets on the underground market, showing the need for clear rules. The new legislation, which is still being drafted, aims to make a fair and competitive market for Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs). It will also focus on risks like money laundering, terrorism financing, and fraud. John Mbadi pointed out that the government wants to balance innovation with risk management. He noted that the regulations are meant to harness the bene… The post Kenya’s Crypto Ban Nears End: Legal Framework in Development appeared first on Coin Edition .

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