Kenya is poised to legalize cryptocurrencies, as announced by Treasury Cabinet Secretary John Mbadi. The legislation aims to create a structured environment for digital finance, addressing issues like money laundering and fraud, while fostering financial innovation. This approach is seen as essential to strengthening Kenya’s position in the global digital finance landscape.

The move follows the Central Bank of Kenya’s caution over cryptocurrency risks and the IMF’s advice to improve regulations. The IMF suggests focusing on international compliance and addressing risks like anti-money laundering and consumer protection. These steps are crucial for Kenya, which ranks notably HIGH in crypto adoption both regionally and globally.