The International Monetary Fund (IMF) has recommended that Kenya review outdated laws governing the cryptocurrency market and bring them in line with global standards. This statement was made after a request from the Kenya Capital Markets Authority (CMA) and consultations with local authorities.

The IMF stressed that the country's current laws are ineffective in combating fraud and do not provide adequate protection for participants in the crypto market. The main recommendations include: Creating a transparent regulatory environment for cryptocurrencies; Compliance with international standards, including FATF recommendations on AML and CFT; Clear definition of the terms "crypto assets" and "virtual currencies"; Strengthening oversight mechanisms and international cooperation.

In the short term (6-12 months) The IMF suggests conducting research and training of regulators, and in the long term (12-24 months) — the introduction of licensing and strengthening the legal framework.