The International Monetary Fund (IMF) has urged President William Ruto's administration to align its cryptocurrency regulations with global standards amidst surging cases of money laundering and terrorism.
A report released by the Bretton Woods Institution on Thursday, January 9, revealed that Kenya was using outdated regulations in dealing with crimes linked to digital assets.
The notice, directed to the country's Capital Markets Authority, noted that Kenya's current laws were only designed to curb vices in the traditional financial markets and not digital assets.
In its recommendations, the IMF highlighted the need for Kenya to establish a framework that aligns with those established by financial watchdogs such as the Financial Action Task Force (FATF).
