In a recent report, the International Monetary Fund (IMF) called on Kenyan authorities to implement a structured regulatory framework for the crypto market and provided a set of key guidelines.
Kenya’s outdated regulations lack the legal authority to govern the crypto sector, creating opportunities for a rise in crypto-related scams and illicit activities.
The International Monetary Fund (IMF) has advised Kenya to establish a robust and transparent regulatory framework for its cryptocurrency market, aiming to safeguard consumers and address risks related to anti-money laundering (AML) and combating the financing of terrorism (CFT). This recommendation comes as Kenya grapples with the growing influence of digital assets and the need for regulatory clarity to ensure financial stability.
At present, Kenya lacks a legal definition for crypto assets. The Capital Markets Authority (CMA) Act, which provides the legal foundation for securities regulation in Kenya, is outdated in the context

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