Kenya unveils draft of strict crypto regulations

Kenya has introduced a stringent draft of cryptocurrency regulations in an effort to be removed from the Financial Action Task Force (FATF) gray list, The Block reported. The proposal includes provisions for mandatory licensing and security audits, stricter requirements for stablecoin issuers to hold reserves in local banks, and the introduction of new transaction fees. The regulatory framework is currently a draft and is scheduled to be finalized following a public consultation period.