The Kenyan Senate Information, Communication And Technology Committee have stated they are prepared to engage with the Central Bank Of Kenya (CBK) and other stakeholders to establish the nation’s policy towards crypto assets and digital service providers. They believe this will help regulate the use of crypto assets in the country, in order to ensure that Kenya maximizes the advantages of economic innovation whilst minimizing risks.
Making The Most Of Economic Innovation
Recently, the committee mentioned that it was eager to work with Central Bank Of Kenya (CBK), and other stakeholders in its bid for the formation of the East African The nation’s coverage regarding digital asset service suppliers (VASPs), as well as “using crypto assets” Kenya ”
In a statement released by Twitter, The Senate Information, Communication And Technology Committee highlighted the need to have an established policy governing Central Bank digital currency and crypto assets in the country, in order to ensure Kenya reaps the benefits of financial innovation while minimizing risks.
Encouraging Adoption Of Technology And Knowledge Within The Financial Industry
The Senate announcement comes two months after the Joint Forum Of Financial Sector Regulators (JFSRF) declared that it will consider forming a technical group with the mandate to advocate for the establishment of a crypto regulatory framework.
As The JFSRF jointly stated on December 16, 2022. The suggestion “will follow extensive consultations and deliberations across the financial industry and other relevant stakeholders.”
Statement XIII Meeting The Joint Council Of Financial Sector Regulators pic.twitter.com/E6Sa1Jzg1U
— Central Bank Of Kenya (@CBKKenya) December 16, 2022
In addition to the crypto-related suggestion, Kenya’s The five-member regulators’ discussion board stated that they have also resolved to coordinate the development of a framework which promotes the adoption of new technologies and knowledge throughout the financial services sector. Doing This helps “enhance effective regulation and supervision”.
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