Kenyan Authorities to Establish Agency for Monitoring Cryptocurrency Activities
Kenya is where cryptocurrencies can truly flourish. This will however only happen with some good legislative direction. All things considered, the Capital Markets Authority in the country needs to build up a special office task with screening cryptocurrency activities in the country. This must not translate to any stringent administrative measures later on.
As it were, it is good to see Kenya getting engaged with cryptocurrencies. In spite of the fact that Bitcoin and altcoins have constantly had an effect in this nation, it appears things are progressing quickly. The Capital Markets Authority recognizes something should change. Building up another body to screen cryptocurrencies is one method for accomplishing that objective. This new office will basically be entrusted with handling questions with regards to cryptocurrencies as they emerge later on.
Regulators everywhere around the world are keeping a keen eye on cryptocurrencies starting at this moment. It just bodes well for Kenyan authorities to adopt a comparable strategy in that regard. In spite of the fact that this new element has not been set up authoritatively, it is still high on the plan. With a solid spotlight on cryptocurrencies and ICOs, the industry can only flourish sooner rather than later.
Kenya’s Capital Market Authority recently released a statement saying, “There is a need for regulators to devise a common approach towards handling issues revolving around cryptocurrencies and Initial Coin Offerings (ICOs). A joint workgroup by financial sector regulators could be put in place to tackle issues around cryptocurrencies and ICOs.”
As one would expect, the Bitcoin’s price instability remains a major worry in Kenya. Considering last year’s run, the present trajectory for the cryptocurrency is quite troublesome in so many ways.
Whether the Kenyan CMA can tackle issues relating to cryptocurrencies remains to be seen. For now initiatives are been set in place to ensure that the industry get the correct dose of authenticity that it needs to succeed.
