Nigeria recently made waves by granting licenses to cryptocurrency exchanges Quidax and Busha. With this, they’re setting the pace for Africa’s crypto future.
Meanwhile, Kenya, despite being a fintech powerhouse, is taking a much more cautious approach. We’ve set up the CMA sandbox to foster innovation, but isn’t it ironic that not a single cryptocurrency has been validated through it?
As the world acknowledges the transformative potential of virtual assets, Kenya remains on the sidelines.
With global frameworks like FATF Recommendation 15 pushing for crypto regulation to tackle AML risks, are we missing an opportunity to be true leaders in Africa’s digital revolution?
The big questions we should be asking ourselves are:
- Is caution costing us our place in the crypto race?
- How long can we afford to wait before regulatory clarity becomes not just an option but a necessity?
- And as virtual assets become the new frontier for money laundering, can we continue to delay action?
It’s time for Kenya to shift gears – for innovation, for security, and for our future in the digital economy.