GDF Response to Kenya Draft National Policy on Virtual Assets and Virtual Asset Service Providers; and Virtual Asset Service Providers Bill
GDF convened its MEA Policy Working Group to analyse the Consultation Paper on “The Draft National Policy on Virtual Assets” and “Virtual Asset Service Providers; and Virtual Asset Service Providers Bill” published by the National Treasury & Economic Planning of the Republic of Kenya.
The key points of the response were:
1. Proportionality and a risk-based, technology neutral approach to building out the virtual assets regulatory framework;
2. Building in mechanisms to support an ongoing public/private sector engagement model on virtual assets regulation;
3. Consideration and harmonisation where possible to global standards and other emerging jurisdictional frameworks;
4. Continued support for responsible innovation and digitisation which can better support growth of the financial services industry in Kenya both for retail and wholesale markets; and
5. Support for greater clarity on the definition of virtual asset and virtual service token.
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