According to BlockBeats news on January 9, the IMF (International Monetary Fund) has suggested that Kenya create a clear and predictable regulatory environment for the cryptocurrency market to protect consumers and address risks related to anti-money laundering (AML) and combating the financing of terrorism (CFT). The IMF pointed out that Kenya currently relies on outdated regulations from traditional markets and lacks legally binding oversight of the cryptocurrency market, leading to an increase in cryptocurrency-related scams and criminal activities.
The IMF recommends that Kenya develop a cryptocurrency regulatory environment that aligns with international frameworks and standards, while considering the unique challenges and opportunities of the local market, ensuring that the regulatory framework protects consumers, maintains financial stability, and promotes innovation. (Cointelegraph)