The Information and Communication Technology Committee of the Kenyan Senate is ready to engage the Central Bank of Kenya (CBK) and other stakeholders to shape national policy towards crypto assets and virtual asset service providers, the He stated. According to the committee, such a policy will help Kenya manage the use of crypto assets in the country to ensure that it takes advantage of financial innovation while minimizing risk.” He stated.
take advantage of the “benefits of financial innovation”
stated that the Kenyan Senate Committee recently resolved to work with the Central Bank of Kenya (CBK) and other stakeholders to establish an East African country policy for virtual asset service providers (VASPs) and “the use of crypto assets in Kenya”
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In a statement issued viaTwitter, theSenate Committee on Information and Communication Technology argued that the establishment of such a policy would help Kenya reap the benefits of innovation.
“While considering the responses received from the CBK regarding the Committee’s questions on Kenya’s digital asset infrastructure on Capitol Hill, Cmte members said that to ensure that Kenya takes advantage of financial innovation while minimizing risk, the country’s central bank stressed the need to have a prescribed policy governing digital currencies and crypto assets,” the Senate tweeted.
promoting the adoption of technology and innovation within the financial sector
Meanwhile, the Senate committee’s announcement came two months after the Joint Forum of Financial Sector Regulators (JFSRF) said it would consider creating a technical working group with a mandate to recommend the establishment of a crypto regulatory framework.
As explained in the JFSRF’s joint communiqué issued on December 16, 2022, the recommendations are said to be made “following extensive consultation and deliberation across the financial sector and other relevant stakeholders.”
Communiqué on the 13th Joint Committee of Financial Sector Regulatorspic.twitter.com/E6Sa1Jzg1U
40} Besides the crypto-related recommendations, he said Kenya’s five-member regulators’ forum has resolved to coordinate the development of a framework to promote the adoption of emerging technologies and innovations within the financial services sector. Doing so will help “strengthen effective regulation and supervision.”
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