Kenya is moving to regulate cryptocurrency trading - TechGyant

Kenya is moving to regulate cryptocurrency trading due to grey list concerns

Kenya-is-moving-to-regulate-cryptocurrency-trading-due-to-grey-list-concerns.

The Financial Action Task Force (FATF) maintains a “grey list” of countries suspected of engaging in financial crimes and financing terrorism. This includes nations such as South Sudan, Tanzania, Uganda, and Sudan. Kenya is also under scrutiny and may face potential inclusion in the list if it fails to address identified inadequacies in its anti-money laundering and counter-terrorist financing systems.

Kenya’s Financial Reporting Centre (FRC) is responsible for combating money laundering and terrorism financing. The FRC’s Director General, Saitoti Maika, has suggested that Kenya may establish a separate regulator for virtual assets, given the growing popularity of cryptocurrencies in the country. Maika emphasized the importance of regulating the use of virtual assets to prevent illicit financial activities.

The FATF has mandated that every country must have financial intelligence, which led to the formation of Kenya’s FRC. However, the country still has some work to do to address the FATF’s identified areas of deficiency within its anti-money laundering and counter-terrorist financing systems. Failure to do so by October 2023 could result in Kenya being added to the FATF’s “grey list.”

Kenya’s increasing use of cryptocurrencies places it alongside South Africa and Ghana, but as yet, the country has not established any specific rules for dealing with the crypto market.

 

Also read: Nigerian fintech Mamamoni gets €200,000 to grow agent network.

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