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KENYA PREPARES TO LEGALIZE CRYPTOCURRENCIES: REPORT

Kenya's Treasury Secretary unveils plans to legalize cryptocurrencies, introducing regulations to harness blockchain potential while tackling money laundering and fraud risks.

Kenya is set to introduce legislation to legalize cryptocurrencies, marking a policy shift, according to a local report quoting Treasury Cabinet Secretary John Mbadi.

Speaking on Friday, Mbadi outlined the government’s plans to create a regulatory framework for cryptocurrencies, an industry that has operated in the shadows despite an official ban.

“Kenya’s financial sector is a beacon of innovation and growth in Africa,” Mbadi stated. “The emergence and growth of Virtual Assets and Virtual Asset Service Providers have given rise to innovations in the local and international financial system with dynamic opportunities and challenges.”

While recognizing the risks associated with cryptocurrencies, such as money laundering, terrorism financing, and fraud, Mbadi emphasized that a legal framework would allow Kenya see the benefits of the crypto market while mitigating its dangers.

“The Government of Kenya is committed to creating the necessary legal and regulatory framework in order to leverage opportunities presented by VAs and VASPs while managing the resultant risks,” he added.

IMF Urges Kenya to Establish Clear Crypto Regulations

The proposed policy seeks to establish a fair and competitive crypto market and improve financial literacy across the country.

This initiative aligns with recent calls from the International Monetary Fund (IMF), which urged Kenya to develop regulations to address consumer protection and financial crime concerns related to cryptocurrencies.

In a technical assistance report released on January 8, the IMF outlined shortcomings in Kenya’s current regulatory approach to crypto assets.

Outdated frameworks have struggled to address the rise in crypto-related scams and illicit activities, leaving consumers vulnerable to financial risks.

With Kenya joining the growing list of African nations embracing cryptocurrency, this regulatory shift could position the country as a regional hub for blockchain innovation while addressing systemic risks.

@ Newshounds News™

Source:  CryptoNews

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SINGAPORE LABELS POLYMARKET ILLEGAL GAMBLING, RESTRICTS SITE ACCESS

▪️Singapore blocks Polymarket, citing unlicensed gambling.

▪️Polymarket faces a ban in France and CFTC subpoena in the US.

Singapore has officially blocked Polymarket, a crypto-based betting platform, citing its unlicensed status in the country.

Warning Notice

Visitors to the site are greeted with a warning from the Gambling Regulatory Authority, labelling it an illegal gambling operation.

The notice warns that gambling on unlicensed platforms may result in fines, jail time, or both.

The block falls under the Gambling Control Act 2022, which mandates that all gambling operators targeting Singaporean residents obtain proper licensing.

Singapore currently restricts online gambling to state-approved operators like Singapore Pools, the country’s sole licensed provider.

Polymarket, known for hosting high-stakes prediction markets on events like the US presidential election, is also encountering resistance in Europe.

In France, the country’s gambling regulator, ANJ, blocked access to the platform in November.

According to The Big Whale, a French crypto news outlet, the ANJ considers Polymarket a form of illegal betting.

A source close to the regulator claimed, “This is not legal in France,” as officials examine its compliance with local gambling laws.

Meanwhile, in the United States, the platform is under fire from the CFTC, which has proposed stricter rules on prediction markets.

On Thursday it was revealed that Coinbase notified customers it received a subpoena from the CFTC seeking account information tied to Polymarket.

@ Newshounds News™

Source:  DL News

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'LIVE FREE OR DIE': NEW HAMPSHIRE THE LATEST STATE TO CONSIDER BITCOIN RESERVE BILL

New Hampshire Rep. Keith Ammon proposed a bill to enable a Bitcoin treasury reserve, which he framed as a matter of state sovereignty.

New Hampshire Rep. Keith Ammon (R) proposed a bill Friday that would enable the state’s Treasury to invest a portion of public funds into digital assets and precious metals.

Not only would the move insulate the Granite State from the threat of runaway inflation, but it would also dovetail with some of New Hampshire’s cultural values, Ammon told Decrypt.

“The ethos in New Hampshire is ‘Live Free or Die’—leave me alone, and don’t burden me with too many regulations,” he said. “We’re tied to the U.S. dollar, whether we like it or not, but this would allow us to have the state invest a small portion into this uncorrelated, new asset class.”

 Newshounds News™

Read more:  Decrypt

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RIPPLE AND MOONPAY PLEDGE $50,000 IN RLUSD TO LAFD FOUNDATION FOR CALIFORNIA WILDFIRE RELIEF

▪️Wildfires in California have reportedly destroyed about 12,000 structures leading to over 11 fatalities, with containment still a challenge.

▪️Ripple and MoonPay donated $50,000 worth of RLUSD to the Los Angeles Fire Department Foundation, supporting first responders amid the crisis.

@ Newshounds News™

Read more:  Crypto News Flash

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