The International Monetary Fund recommends that Kenya establish a clear regulatory framework for cryptocurrencies

ChainCatcher news, the International Monetary Fund (IMF) recommends that Kenya create a clear and predictable regulatory environment for the cryptocurrency market to protect consumers and address risks related to anti-money laundering (AML) and combating the financing of terrorism (CFT).

The IMF points out that Kenya currently relies on outdated regulations from traditional markets and lacks legally binding regulation for the crypto market, leading to an increase in crypto-related scams and criminal activities.

The IMF suggests that Kenya develop a cryptocurrency regulatory environment that aligns with international frameworks and standards, while also considering the unique challenges and opportunities of the local market, ensuring that the regulatory framework protects consumers, maintains financial stability, and promotes innovation.