Kenyan Lawmakers Tap Local Blockchain Association for Groundbreaking Crypto Legislation

"Committee on Finance and National Planning Holds Meeting with BAK Representatives to Discuss Digital Assets Regulation"

On October 31st, the Committee on Finance and National Planning extended an invitation to representatives from BAK to engage in a discussion regarding the regulation of digital assets. Allan Kakai, BAK’s legal and policy director, provided Mariblock, a local media outlet, with an exclusive insight into the meeting.

During the meeting, the Committee on Finance and National Planning sought to gain a deeper understanding of the challenges and opportunities presented by the growing digital assets industry. The discussion revolved around the potential regulatory frameworks that can be implemented to ensure the responsible and secure use of digital assets in the country.

Allan Kakai emphasized the importance of striking the right balance between fostering innovation and protecting consumers and investors. He highlighted the need for clear guidelines and regulations that can foster the growth of the digital assets industry while mitigating potential risks.

The meeting provided a platform for BAK to present its recommendations for the regulation of digital assets. Kakai stressed the significance of collaboration between industry players and regulators to develop effective and comprehensive frameworks that can address the unique challenges posed by digital assets.

One of the key issues discussed was the need for a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) framework for digital asset service providers. Kakai emphasized the importance of implementing measures to prevent illicit activities and protect the integrity of the financial system.

Furthermore, the meeting delved into the potential benefits of blockchain technology beyond cryptocurrencies. Kakai highlighted the transformative potential of blockchain in various sectors such as supply chain management, healthcare, and finance.

The Committee on Finance and National Planning expressed its commitment to fostering an enabling environment for the digital assets industry. They acknowledged the need for a balanced regulatory approach that can support innovation while safeguarding against potential risks.

Moving forward, the Committee intends to engage in further consultations with industry stakeholders to gather insights and perspectives on the regulation of digital assets. This collaborative approach aims to ensure that any regulatory frameworks put in place are effective, transparent, and reflective of the needs of both industry players and consumers.

The meeting between the Committee on Finance and National Planning and BAK representatives marks a significant step towards the development of a comprehensive regulatory framework for digital assets in the country. The engagement of industry players and regulators in constructive dialogue is crucial for the responsible and sustainable growth of the digital assets industry.

Martin Reid

Martin Reid

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