Kenyan Senate to Engage Central Bank on Crypto Policy
• The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers.
• The establishment of such a policy will help Kenya enjoy the benefits of innovation while minimizing the risks.
• The Joint Financial Sector Regulators‘ Forum (JFSRF) also said it would consider creating a technical working group with a mandate recommending the establishment of a crypto regulatory framework.
Kenyan Senate Ready to Engage Central Bank
The Kenyan Senate’s Information, Communication and Technology committee has declared that it is prepared to work with the Central Bank of Kenya (CBK) and other stakeholders to develop its policy towards virtual asset service providers (VASPs) and „the use of crypto assets in Kenya.“ According to the committee, such a policy helps govern the use of crypto assets in the country „to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.“
Harnessing Benefits Of Financial Innovation
The Kenyan Senate has stated that they are hoping that by establishing this policy, they can ensure that Kenya takes advantage of financial innovation while also mitigating any potential risks associated with doing so. This follows two months after the Joint Financial Sector Regulators‘ Forum (JFSRF) announced their intentions to create a technical working group which will be responsible for recommending regulations related to cryptocurrencies.
Promoting Adoption Of Technology And Innovation Within The Financial Sector
The five-member JFSRF body further declared their intention to coordinate efforts which will lead towards fostering adoption of emerging technology and innovations within the financial services sector, as well as enhancing effective regulation and supervision.
In summary, by engaging with CBK and other stakeholders on developing a crypto-related policy, Kenyan senators hope to foster an environment where cryptocurrency can be used safely while taking advantage of its associated financial opportunities. Additionally, JFSRF plans on creating a working group which will recommend regulations regarding cryptocurrencies as part of their efforts to promote technological innovation within finance sector.