• PS Kiptoo says the proactive steps taken by the Kenyan government coupled with the collaborative efforts with the UAE mark a promising direction for the development of a legal and regulatory framework for virtual assets and service providers.

Kenya is on its way to creating a robust and progressive legal and regulatory framework for virtual assets. This is according to the Principal Secretary, National Treasury, who led a delegation this week to the United Arab Emirates (UAE) to engage with the regulatory authorities and stakeholders in the UAE's virtual asset ecosystem.

They include UAE Securities and Commodities Authority (SCA); Virtual Asset Regulatory Authority (VARA); Dubai Financial Services Authority (DFSA); Abu Dhabi Global Market (ADGM); and, Dubai International Financial Centre (DIFC).

“The purpose of the visit included understanding best practices in virtual asset regulation, exploring potential frameworks for Kenya’s legislation, and fostering collaboration to enhance capacity building,” said PS Kiptoo.

Photo/Courtesy: X

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PS Kiptoo says the proactive steps taken by the Kenyan government coupled with the collaborative efforts with the UAE mark a promising direction for the development of a legal and regulatory framework for virtual assets and service providers.

“This initiative is expected to yield benefits in compliance, economic development, consumer protection and technological advancement, positioning Kenya favourably in the rapidly evolving landscape of digital finance,” he added.