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NRIPage | Articles | IMF Advises Kenya to Strengthen Crypto Regulations and Align with Global Standards | Get Finance & Economics News. Master Your Financial Future - NRI Page
The International Monetary Fund (IMF) has advised Kenya to prioritize developing a predictable and robust regulatory framework for its cryptocurrency sector. In response to requests from Kenya's Capital Markets Authority (CMA) for input on future crypto regulations, the IMF conducted a detailed review of Kenya's crypto landscape. A 43-page Technical Assistance Report released on January 8 outlines the key steps needed to enhance regulation, ensuring the safety of participants and compliance with global standards.
The IMF noted that Kenya currently lacks a comprehensive regulatory framework for crypto activities, leaving the sector open to illegal uses. To address this, the IMF recommends that Kenya align its regulatory approach with international guidelines such as the Financial Stability Board's Global Regulatory Framework and the IOSCO Policy Recommendations. These measures aim to enhance transparency, prevent money laundering, and protect against terrorist financing.
Additionally, the IMF suggests that Kenya focus on better understanding the size, risks, and structure of its crypto market, which remains underdeveloped in terms of clear records and policy frameworks. Kenya's crypto market is not illegal, and its citizens can freely engage in crypto trading and investment. In 2023, Kenya introduced a 3% tax on the transfer or exchange of digital assets, and the Kenya Revenue Authority (KRA) reported collecting 10 billion Kenyan shillings ($77.3 million) from Virtual Asset Service Providers (VASPs) in FY 2023-24.
As the country with the largest share of crypto users in Africa, the IMF's recommendations are aimed at protecting Kenya's growing crypto community from scams and financial risks. The IMF urges Kenya to take decisive steps in regulating the market to ensure its continued growth and security.
