Kenyan Financial Commission suggests the formation of an interinstitutional group for supervision of providers of virtual assets

Kenyan Financial Commission suggests the formation of an interinstitutional group for supervision of providers of virtual assets

Kenya: New supervision for virtual asset service providers

The Kenyan government has submitted a proposal through the Finance Committee that provides for a multi -agent group in order to monitor virtual asset service providers (VASPS) together. This step is part of the efforts to regulate the handling of digital assets in the country and ensure that the corresponding services are in accordance with the applicable laws and regulations.

aim of the supervision

The introduction of a common supervisory authority for vasps should not only guarantee the protection of consumers, but also strengthen trust in the digital financial sector. Monitoring by various institutions enables more comprehensive control and minimizes potential risks associated with virtual assets.

meaning for the financial sector

Virtual Asset Service Providers play an increasingly important role in the global financial system. With their services, they enable trade, custody and management of digital assets. The planned regulation in Kenya could help create a safe and transparent environment for these activities, which is an advantage for both consumers and companies.

FAZIT

The initiative of the Kenyan government to create a multi -agent supervision for VASPs shows the endeavor to give dynamic technologies in the financial sector a clear legal framework. Kenya could continue these measures in the development and integration of digital financial solutions.