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.