Crypto Policy: Kenyan Senate Ready to Engage Central Bank
The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee, such a policy helps govern the use of crypto assets in the country “to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.” Harnessing the ‘Benefits of Financial Innovation’
A Kenyan Senate committee recently said it has resolved to work with the Central Bank of Kenya (CBK) and other stakeholders in its bid to establish the East African nation’s policy towards virtual asset service providers (VASPs) and “the use of crypto assets in Kenya”
In a statement issued via Twitter, the Senate’s Committee on Information, Communication and Technology argued that the establishment of such a policy will help Kenya enjoy the benefits of innovation.
“While considering the response received from the CBK regarding the Committee’s inquiry on digital assets infrastructure in Kenya at Parliament Buildings, the Members of the Cmte emphasized the need to have a laid down policy that governs the Central Bank Digital Currency and crypto assets in the country to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks,” the Senate tweeted.
Promoting the Adoption of Technology and Innovation Within the Financial Sector
Meanwhile, the Senate committee’s announcement comes two months after the Joint Financial Sector Regulators’ Forum (JFSRF) said it would consider creating a technical working group with a mandate recommending the establishment of a crypto regulatory framework.
As explained in the JFSRF’s joint communique issued on Dec. 16, 2022, the recommendations “will be subsequent to wide consultations and deliberations across the financial sector and other relevant stakeholders.” Communique on the 13th Joint Financial Sector Regulators' Board Meeting pic.twitter.com/E6Sa1Jzg1U
— Central Bank of Kenya (@CBKKenya) December 16, 2022
Besides the crypto-related recommendation, Kenya’s five-member regulators’ forum said it has also resolved to coordinate the development of a framework that promotes the adoption of emerging technology and innovations within the financial services sector. Doing this helps to “enhance effective regulation and supervision.”
Register your email here to get a weekly update on African news sent to your inbox:
Tags in this story central bank digital currencies, central bank of Kenya, crypto assets, Joint Financial Sector Regulators’ Forum (JFSRF), Kenya Senate, Regulation, virtual asset service providers (VASPs)
What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience AFRICA | 11 hours ago Nigerian Crypto Payment Gateway Fluidcoins Acquired by Seychelles-Based Crypto Exchange AFRICA | 7 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEclipse to Launch Rollup Blockchain for Polygon Network with Solana Compatibility Next articleNFT Sales Soar 138% in Past Week, Blur Market Dominates This Week’s ETH-Based NFT Sales Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms