Kenya Senate ready to engage central bank –
The Kenya Senate Committee on Information, Communications and Technology has said it stands ready to involve the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee, such a policy will help regulate the use of crypto assets in the country “to ensure Kenya reaps the benefits of financial innovation while minimizing risks.”
Harnessing the “Advantages of Financial Innovation”
A Kenyan Senate committee recently said it had decided to work with the Central Bank of Kenya (CBK) and other stakeholders to shape the East African nation’s policy towards Virtual Asset Service Providers (VASPs) and “the use of crypto assets in Kenya.” ”
In a statement released via Twitter, The Senate Information, Communications and Technology Committee argued that establishing such a policy would help Kenya reap the benefits of innovation.
“Taking into account the response received from the CBK to the Kenya Digital Assets Infrastructure Committee Inquiry at the Parliament Buildings, the members of the Cmte emphasized the need for a set policy that regulates the central bank digital currency and crypto assets in the country ensure Kenya reaps the benefits of financial innovation while minimizing the risks,” the Senate tweeted.
Encouraging the adoption of technology and innovation in the financial sector
The Senate committee’s announcement comes two months after the Joint Financial Sector Regulators’ Forum (JFSRF) announced it was considering establishing a technical working group with a mandate recommending the establishment of a crypto regulatory framework.
As explained in the JFSRF joint communiqué dated December 16, 2022, the recommendations “will be the result of extensive consultation and deliberation across the financial sector and other relevant stakeholders.”
Communiqué on the 13th meeting of the Joint Board of Financial Sector Supervisors pic.twitter.com/E6Sa1Jzg1U
— Central Bank of Kenya (@CBKKenya) December 16, 2022
Alongside the crypto-related recommendation, Kenya’s five-member regulatory forum said it also decided to coordinate the development of a framework that encourages the adoption of new technologies and innovation in the financial services sector. This helps to “improve effective regulation and supervision”.
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Source: Crypto News Deutsch
