{"id":34750,"date":"2025-01-11T17:30:15","date_gmt":"2025-01-11T14:30:15","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=34750"},"modified":"2025-01-11T15:52:28","modified_gmt":"2025-01-11T12:52:28","slug":"kenyas-treasury-secretary-john-mbadi-issues-directive","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/kenyas-treasury-secretary-john-mbadi-issues-directive\/","title":{"rendered":"Kenya&#8217;s Treasury Secretary John Mbadi Issues Directive!"},"content":{"rendered":"<p><strong>Kenya&#8217;s Treasury Secretary Mbadi<\/strong>, announces legal framework for cryptocurrencies.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/kenyas-treasury-secretary-john-mbadi-issues-directive\/#Kenyas_Treasury_Secretary_Announces_Start_of_Cryptocurrency_Regulations\" title=\"Kenya&#8217;s Treasury Secretary Announces Start of Cryptocurrency Regulations\">Kenya&#8217;s Treasury Secretary Announces Start of Cryptocurrency Regulations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/kenyas-treasury-secretary-john-mbadi-issues-directive\/#Government_Takes_First_Step_Toward_Cryptocurrency_Regulation\" title=\"Government Takes First Step Toward Cryptocurrency Regulation\">Government Takes First Step Toward Cryptocurrency Regulation<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Kenyas_Treasury_Secretary_Announces_Start_of_Cryptocurrency_Regulations\"><\/span>Kenya&#8217;s Treasury Secretary Announces Start of Cryptocurrency Regulations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Kenya&#8217;s Treasury Secretary John Mbadi<\/strong> has announced that the country will begin working on legal regulations for <a href=\"https:\/\/coinengineer.net\/blog\/grayscales-crypto-asset-list-updated\/\"><strong>cryptocurrencies<\/strong> <\/a>and will establish a regulatory framework for the sector. This announcement marks a significant shift from the Kenyan government&#8217;s previously cautious approach.<\/p>\n<p>In a statement to the local press, Mbadi highlighted that <strong>virtual assets (VAs)<\/strong> and virtual <strong>asset service providers (VASPs)<\/strong> have the potential to bring innovation to the financial system, but also present dynamic opportunities and risks.<\/p>\n<p>Following rapid developments in the integration of cryptocurrencies into the financial system, the government appears keen on capitalizing on these opportunities while addressing potential risks such as money laundering and terrorism financing through new legal regulations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Government_Takes_First_Step_Toward_Cryptocurrency_Regulation\"><\/span>Government Takes First Step Toward Cryptocurrency Regulation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In December 2024, the <strong>Kenyan government<\/strong> released a draft policy proposing a regulatory framework for virtual assets and the companies offering services related to these assets. The draft aims to help create a fair, competitive, and stable market, while also encouraging innovation and increasing financial literacy through various strategies.<\/p>\n<p><strong>Kenya&#8217;s<\/strong> approach to cryptocurrencies had been cautious in the past, similar to many other countries. In 2015, the <strong>Central Bank of Kenya<\/strong> announced that cryptocurrencies were not considered legal tender and that there were no licensed service providers for transactions involving these assets.<\/p>\n<p>However, after a 2022 report from the <strong>United Nations<\/strong> revealed that approximately 8.5% of Kenyans owned cryptocurrencies, discussions about taxing digital currencies and reviewing regulations began.<\/p>\n<p>This new regulatory process represents an important step for <strong>Kenya<\/strong> in the cryptocurrency market. These developments signal a significant milestone that investors and professionals in the industry are keenly watching.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<strong><a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0<\/strong>and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kenya&#8217;s Treasury Secretary Mbadi, announces legal framework for cryptocurrencies. Kenya&#8217;s Treasury Secretary Announces Start of Cryptocurrency Regulations Kenya&#8217;s Treasury Secretary John Mbadi has announced that the country will begin working on legal regulations for cryptocurrencies and will establish a regulatory framework for the sector. This announcement marks a significant shift from the Kenyan government&#8217;s previously<\/p>\n","protected":false},"author":29,"featured_media":34752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[58,10961,1751,2456],"class_list":["post-34750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-cryptocurrency","tag-kenyas-treasury-secretary-mbadi","tag-regulation","tag-united-nations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kenya&#039;s Treasury Secretary John Mbadi Issues Directive! - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/kenyas-treasury-secretary-john-mbadi-issues-directive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya&#039;s Treasury Secretary John Mbadi Issues Directive! - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Kenya&#8217;s Treasury Secretary Mbadi, announces legal framework for cryptocurrencies. Kenya&#8217;s Treasury Secretary Announces Start of Cryptocurrency Regulations Kenya&#8217;s Treasury Secretary John Mbadi has announced that the country will begin working on legal regulations for cryptocurrencies and will establish a regulatory framework for the sector. 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