from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – KENYA believes it is in a unique position to leverage blockchain, digital assets and decentralized finance to drive financial inclusion, cross-border trade and economic growth.
It is exploring partnerships with the United Arab Emirates (UAE) to enable the East African economy to attain this ambition.
A delegation from the Kenyan government has been in the Middle Eastern country where it has been engaging financial regulators and institutions on virtual assets.
A delegation representing the administration of President William Ruto this week met officials from the Abu Dhabi Global Market, Dubai International Financial Centre, Dubai Financial Services Authority, Securities and Commodities Authority and Virtual Asset Regulatory Authority.
Kenya’s delegation was drawn from the Central Bank of Kenya, Financial Reporting Centre and Capital Markets Authority.
The meeting was under the aegis of the Kenya-UAE Comprehensive Economic Partnership Agreement (CEPA).
Government officials disclosed the UAE had expressed interest to collaborate with Kenya’s development of a legal and regulatory framework for virtual assets.
John Tanui, Principal Secretary: State Department for ICT and Digital Economy, said Kenya’s high mobile money adoption, tech-savvy youth, and growing blockchain interest positioned it to lead in Africa’s digital asset economy.
“By crafting a robust and transparent regulatory framework, we can boost investor confidence, foster innovation, and secure Kenya’s place in the global digital financial ecosystem,” he said.
Tanui said Ruto’s government was taking bold steps to shape the future of digital finance, blockchain integration and finance technology innovation.
The global crypto-currency market is valued at over $2 trillion, according to the official.
“As we build a structured regulatory framework, we are laying the foundation for a secure, efficient, and competitive financial system that will drive economic transformation,” Tanui said.
Discussions between Kenya and UAE were based on regulatory best practices, compliance frameworks and capacity building.
The Kenyan Embassy in the UAE is advancing strategic partnerships in digital finance, artificial intelligence (AI) and emerging technologies with UAE firms.
– CAJ News