John Mbadi, Kenya's finance minister, said the government was working to establish a legal and regulatory framework for cryptocurrencies and had drafted a draft proposal for a "National Policy on Virtual Assets and Virtual Asset Service Providers", which aims to create a fair, competitive and stable market for cryptocurrencies while addressing risks such as money laundering, terrorism financing and consumer protection. The draft proposes to build a comprehensive legal and regulatory framework to govern virtual asset activities and their service providers (VASPs), and to develop related standards and procedures. Its objective is to promote the healthy development of the virtual asset market in Kenya. The proposal will be open to public feedback until January 24. If approved, Kenya would join the ranks of countries such as South Africa and Nigeria that have implemented cryptocurrency regulation.