IMF recommends Kenya to develop clear cryptocurrency regulatory framework

The IMF (International Monetary Fund) 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 The IMF pointed out that Kenya currently relies on outdated regulations in traditional markets and lacks legally binding regulation of the crypto market, leading to an increase in crypto-related fraud and criminal activities. The IMF recommends that Kenya develop a crypto regulatory environment that is consistent with international frameworks and standards, while taking into account the unique challenges and opportunities of the local market to ensure that the regulatory framework can protect consumers, maintain financial stability, and promote innovation. (Cointelegraph)