In an exciting turn of events, Kenya, is moving forward to establish a secure and more transparent financial system by seeking feedback from its residents.
On August 17th, Kenya’s Financial Reporting Centre (FRC) initiated a survey, inviting East Africa’s residents to actively engage in public assessment concerning virtual assets and providers of virtual asset services (VASPs).
The recent survey by the FRC is a legally constituted entity formed in accordance with Kenya’s anti-money laundering legislation, has highlighted that the input shared anonymously through this initiative is anticipated to provide authorities with deeper insights into the nation’s cryptocurrency landscape.
The statement acknowledges the swift expansion of the ecosystem and recognizes its potential to drive financial innovations and enhance efficiency, as emphasized by the anti-money laundering authority.
Amid the ever-expanding crypto market, the Financial Reporting Centre underscored the potential for the emergence of illicit activities such as money laundering and terrorism financing.
In a bid to safeguard both the Kenyan financial system and its consumers, the FRC has called upon Kenyans to actively contribute their perspectives through the survey.
The organization has emphasized the crucial role of this feedback in shaping the trajectory of the virtual assets ecosystem and fostering a more secure and transparent financial landscape. Moreover, “FRC appreciates your participation and looks forward to receiving your input by 8 September 2023.”
Also read: One In Every Ten Indian Woman Holds Cryptocurrency Today
