Kenya is initiating efforts toward crypto regulation, with the government forming a multi-agency team that includes the central bank. This group will develop rules and oversight for cryptocurrencies (also known as virtual assets) and the companies that deal in them (Virtual Asset Service Providers), local outlet NTV Kenya reported Monday. Kenyan National Treasury Cabinet Secretary Prof. Njuguna Ndung’u revealed the establishment of the multi-agency working group to the National Assembly. This assessment highlighted the potential for money laundering and terrorist financing associated with virtual assets, underlining the need for regulatory measures.
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