Worldcoin

Kenya is actively developing its regulatory framework for cryptocurrencies, acknowledging both the potential benefits and challenges associated with the digital asset industry. Considering the substantial crypto adoption within the country, Kenya has taken significant steps to establish itself as a pioneer in regulating the crypto industry. BAK’s role in crafting Kenya’s Crypto bill 
The Blockchain Association of Kenya (BAK) has been directed by the National Assembly’s Departmental Committee on Finance and National Planning to draft a “virtual asset service provider’s bill.”&nbsp;
The National Assembly's Departmental Committee on Finance and National Planning has directed us and other industry stakeholders to prepare the first draft of what could become a virtual asset service provider's bill.What are your thoughts?Here are
This bill will form the foundation for crypto regulation in the country. In a meeting on October 31, 2023, BAK representatives discusseddigital assets regulation with the Committee on Finance and National Planning.&nbsp; Kenya’s ambitions in the Crypto race 
Allan Kakai, BAK’s legal and policy director, highlighted Kenya’s standing as a significant player in the African digital assets market. He expressed concern that without a clear <a href="https://news.todayq.com/south-africa-plans-to-impose-a-licensing-scheme-for-crypto-firm/" rel="noopener noreferrer nofollow">regulatory framework</a>, other African nations like Nigeria, South Africa, Botswana, Namibia, and Mauritius might take the lead in attracting capital flow that could have otherwise come to Kenya.
In response to this concern, the committee gave BAK a two-month timeframe to draft the crypto bill. Additionally, the committee suggested that BAK conduct extensive public education on cryptocurrency trading to demystify it for the general population.&nbsp;
Related Article: <a href="https://news.todayq.com/banks-in-south-africa-can-now-work-with-crypto-companies/" rel="noopener noreferrer nofollow">Banks in South Africa can now work with Crypto companies</a> Kenya’s recent Crypto tax and BAK’s response 
Earlier in September 2023,Kenya introduced the Financial Act 2023, which mandated cryptocurrency exchanges to withhold 3% of the transfer or exchange value of digital assets. BAK, despite their efforts to dissuade lawmakers from passing this crypto tax in May, filed a complaint against it with the High Court of Kenya. 
It’s important to note that Kenyan authorities have taken a strict stance against the controversial digital ID crypto project known as Worldcoin, which was co-founded by Sam Altman, the CEO of OpenAI. A parliamentary committee in Kenya’s government recommended shutting down the Worldcoin project.
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Kenyan lawmakers collaborate with blockchain association to draft Crypto bill

Todayq News

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