Marathon Digital, a crypto mining company, is currently in talks with the Kenyan government regarding the country’s cryptocurrency policy and the energy requirements for crypto mining. Kenya has been gradually implementing regulations for the crypto market.
During the American Chamber of Commerce Kenya Business Summit, President William Ruto announced that Marathon had been asked to consult with the National Treasury and Ministry of Energy. Although the summit took place in late April, it was not immediately reported on. U.S. Commerce Secretary Gina Raimondo attended the event, and Marathon was a platinum-level sponsor.
Ruto, in his keynote speech, mentioned the ongoing discussions with Marathon, stating that the company is based in the United States but has mining ventures in Abu Dhabi and Paraguay. Marathon is one of the world’s top five largest crypto miners. If these talks result in Marathon establishing a presence in Kenya, it would not be the first crypto miner to operate in the country.
Kenya’s government has historically held a negative attitude toward cryptocurrency. However, efforts to regulate crypto began in November 2022, two months after Ruto assumed office as President. In November 2022, the International Monetary Fund expressed concerns about the lax regulation of crypto in Africa. That year, Kenya ranked 11th globally in terms of crypto adoption.
The bill to tax and regulate crypto is still under consideration and open to comments. The government has sought the advice of the Blockchain Association of Kenya regarding a bill for a virtual asset service provider.
The United States has previously advocated for the interests of the American crypto industry in Kenya. However, their attempts to persuade Kenya to lift its suspension of Worldcoin activities were unsuccessful. In August, the Kenyan government ordered the shutdown of Worldcoin operations due to security concerns, but the company did not immediately comply with the order.
Source: Committees of the National Assembly of Kenya
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