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HomeCrypto NewsKenya's Financial Reporting Centre (FRC) Initiates Public Survey on Virtual Assets

Kenya’s Financial Reporting Centre (FRC) Initiates Public Survey on Virtual Assets

Kenya’s Financial Reporting Centre (FRC) extends a cordial invitation to residents of East Africa’s prominent economic hub to actively engage in an ongoing comprehensive survey centered around virtual assets and Virtual Assets Service Providers (VASPs). This call is in line with FRC’s statutory mission, established under Kenya’s anti-money laundering legislation, aimed at harnessing anonymous insights to bolster the comprehension of the nation’s burgeoning crypto landscape.

Rapid Expansion of the Digital Currency Sphere

In an eloquently expressed statement featured on its digital platform, the anti-money laundering authority acknowledges the swift acceleration of the digital currency realm, coupled with its potential to act as a catalyst for financial breakthroughs and heightened operational efficiency. Nonetheless, the organization aptly underscores that the rapid ascent of the crypto market can also create openings for nefarious undertakings such as money laundering and the clandestine financing of terrorism.

Safeguarding Kenya’s Financial Ecosystem

Henceforth, driven by an unwavering commitment to safeguard Kenya’s financial fabric and uphold consumer interests, FRC earnestly seeks to harness the collective wisdom of Kenyans. This endeavor takes the form of an insightful survey, wherein your esteemed opinions are not only valued but essential. The body asserts:

“Your invaluable feedback shall play a pivotal role in shaping the trajectory of the virtual assets ecosystem, fostering a more secure and transparent financial framework. FRC wholeheartedly appreciates your active participation and eagerly anticipates the receipt of your discerning input by the esteemed deadline of 8th September 2023.”

As per FRC’s guidelines, prospective participants are encouraged to articulate their perspectives by means of a meticulously curated six-page questionnaire accessible on the institution’s official online portal. The institution assures respondents that the data amassed during this questionnaire phase shall exclusively inform prudent policy decisions concerning Kenya’s nascent crypto landscape.

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