In a latest development, Kenya is officially preparing to legalize cryptocurrency trading in the country, including Bitcoin, according to officials. Kenya’s Treasury Cabinet Secretary John Mbadi says that the East-African country is preparing legislation for crypto assets, a major shift in policy regarding the industry. Cryptocurrencies have been banned in Kenya, but widespread public use has continued underground, circumventing restrictions. “The Government of Kenya is committed to creating the necessary legal and regulatory framework to leverage opportunities presented by VAs and VASPs while managing the resultant risks,” Mbadi stated. The new draft policy aims to establish a fair, competitive, and stable market for VAs and VASPs while fostering innovation and enhancing financial literacy.
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