The National Treasury and Economic Planning has released a draft policy framework for Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) aiming to establish a comprehensive regulatory environment that balances innovation with risk management.
The policy acknowledges a number of issues, such as money laundering, terrorism financing, cybersecurity threats, and consumer protection concerns, while addressing Kenya's increasing use of virtual assets.
The framework aims to guarantee prudent risk management, encourage equitable and effective markets, direct the creation of legal frameworks, and improve financial literacy regarding virtual assets.
