Kenya Financial Reporting Center (FRC) launches public survey on virtual assets – BitcoinKE

The Kenya Financial Reporting Center (FRC) has launched a new anonymous survey of virtual assets and virtual asset providers in the country.

FRC is described as a government agency created by the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) 2009 whose primary objective is to assist in the identification of the proceeds of crime and the fight against money laundering.

The FRC says it worked with other government institutions and the private sector, including crypto industry stakeholders, to create the Kenya Crypto Assets Survey to help ensure a vibrant, lawful, and secure financial environment for the public.

“Please support us by filling out the following questionnaire as accurately as possible. All information shared is completely anonymous and cannot be traced back to you. It is only used to drive political decisions related to the crypto industry in Kenya. The Center welcomes your participation and looks forward to receiving your contribution by 8 September 2023.” – Financial Reporting Centre

Survey questions 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 provide the provider(s) or names of the wallets where you currently or previously store your virtual assets or cryptocurrencies.
• Please select the DeFi services you use.
• Please list all DeFi applications you use.
• Do you use a stablecoin? If yes, please list. If no, enter 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 taken to protect against hacking, fraud and other security breaches on the platforms they use?
• Besides pyramid schemes and scams, what other criminal activities can also be carried out using virtual assets?
• Have you or someone you know been scammed into trading virtual assets or crypto assets?
• Besides pyramid schemes and scams, what other criminal activities can also be carried out using virtual assets?
• Have you ever accessed the dark web to get information about crypto, buy or sell?
• Have you invested in Initial Coin Offerings (ICOs)/Initial Token Offerings (ITOs)?

According to the FRC, cryptocurrencies can be used for money laundering, terrorist financing, proliferation financing and cybercrime.

With this in mind, Kenyan regulators have ramped up efforts to introduce crypto regulation in recent months.

Note: The survey ends on September 8, 2023.

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