Kenya Aims to Legalize Cryptocurrencies: Treasury Reveals Plan | by Farhad Ali | The Capital | Jan, 2025
Kenya, often celebrated as a beacon of innovation in Africa, is making headlines again for its innovative plan to legitimize cryptocurrencies through comprehensive regulation. In a carefully calculated move demonstrating progressive foresight, Treasury Secretary John Mbadi aims to safely steward this booming industry’s exponential growth while proactively addressing risks such as fraud and money laundering accompanying unfettered development.
Widely considered a pacesetter in nurturing new financial technologies through pragmatic policies, Kenya catalyzed inclusion for millions via the pioneering M-Pesa mobile money service. However, the burgeoning cryptocurrency sector had, until now, operated without standardized oversight or clear statutory guardrails. By bringing structure and assurances to this nexus of decentralized digital assets and distributed ledger technologies, Mbadi hopes to maximize associated economic opportunities and safeguard participators.
“The Government of Kenya is committed to creating the necessary legal and regulatory framework,” Mbadi said. His focus? Harnessing the potential of blockchain while keeping the bad guys at bay.
