The International Monetary Fund has called on Kenyan authorities to reform the country’s cryptocurrency regulation system

The International Monetary Fund (IMF) has drawn the attention of Kenyan authorities to the lack of a predictable regulatory environment for the cryptocurrency market in the country.

The IMF’s recommendations were sent to the Kenyan authorities following a study conducted at the request of the Capital Markets Authority (CMA) of Kenya for technical assistance in regulating the country’s digital finance industry.

The report states that the CMA relies on outdated rules developed for traditional financial markets. The IMF experts noted that this approach to regulating the cryptocurrency market has very limited leverage over the industry. As a result, the country has seen a surge in fraud and other criminal activity related to cryptocurrencies.