KENYA: Members of Parliament have approved the law regulating digital currency, (cryptocurrency).
The Parliament of Kenya has passed a law regulating digital currencies, including those known as “cryptocurrencies,” in an effort to attract investment and address the lack of clear regulations governing this sector.
Once this law is signed by the President, the Central Bank of Kenya will be responsible for supervising and establishing the framework for digital currencies.
Meanwhile, the Capital Markets Authority (CMA) will be tasked with overseeing online platforms that trade or exchange digital currencies, as well as other internet-based financial activities.
According to Reuters, the law will particularly benefit young people aged between 18 and 35, who have already embraced digital currencies for business, payments, and investment.
If President William Ruto approves the law, Kenya will join other African countries — such as South Africa — that have already established clear regulations on digital currencies across the continent.
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