IMF Urges Kenya to Revise Virtual Asset Regulations

The International Monetary Fund (IMF) has urged Kenya to revise its regulations on virtual assets (cryptocurrency) to enhance consumer protection.

According to a report by Cointelegraph on the 9th (local time), the IMF advised Kenya to establish a clear and predictable regulatory environment for the virtual asset market to address risks related to consumer protection, Anti-Money Laundering (AML), and Countering the Financing of Terrorism (CFT).

The IMF emphasized the need for regulation, stating, "Kenya relies on outdated regulations that are limited and non-binding for the existing market, resulting in exposure to fraud and other criminal activities related to virtual assets."