The Kenya Financial Reporting Centre (FRC) has launched a new anonymous survey on virtual assets and virtual asset service providers in the country.
FRC is described as a government institution created by the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) 2009, with the principal objective being to assist in the identification of the proceeds of crime and the combating of money laundering.
The FRC says it has teamed up with other government institutions and the private sector, including crypto industry stakeholders, to produce the survey on crypto assets in Kenya to help ensure a vibrant, compliant, and safe financial environment for the public.
“Please assist us by completing the below questionnaire as accurately as possible. All information shared is completely anonymous and not traceable back to you. It will only be used to help drive policy decisions with regard to the crypto industry in Kenya. The Centre appreciates your participation and looks forward to receiving your input by 8th September 2023.” – Financial Reporting Centre
Among the questions in the survey include:
- Are you familiar with virtual assets (e.g. Bitcoin, Ethereum etc.) and virtual asset service providers (e.g. Binance, Coinbase, Luno etc.)?
- How do you store your crypto assets?
- If self-custody, what type of wallet?
- Please list the provider(s) or name of the wallets where you are currently storing or previously stored your virtual assets or cryptocurrencies?
- Please select the DeFi services that you use.
- Please list any DeFi applications that you use.
- Do you use any stablecoin? If yes, please list. If no, indicate N/A
- Have you ever used virtual assets or crypto assets to trade or invest in the metaverse or virtual games?
- What measures have your service providers put in place to protect against hacking, fraud, and other security breaches in the platforms used?
- Apart from Ponzi schemes and scams, what other criminal activities may be carried out using virtual assets?
- Have you or someone you know been scammed when engaging in virtual assets or crypto assets?
- Apart from Ponzi schemes and scams, what other criminal activities may be carried out using virtual assets?
- Have you ever accessed the dark web to get information on crypto, buy or sell?
- Have you invested in any Initial Coin Offerings (ICOs)/Initial Token Offerings (ITOs)?
According to the FRC, cryptocurrencies can be used for money laundering, terrorism financing, proliferation financing, and cyber-crime.
In light of the above, Kenyan regulatory agencies have stepped up efforts to produce crypto regulation in recent months.
NB: The survey ends on September 8 2023.
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