According to a study by a Kenyan Technical Working Group, Kenyan residents continue to trade cryptocurrencies despite repeated warnings from the central bank. The study, conducted in conjunction with the Financial Reporting Centre (FRC), found that the typical Kenyan crypto user is under 40 years old.

Many Kenyan crypto users were found to be primarily engaged in investment activities related to bitcoin (BTC), ethereum (ETH), or the stablecoin USDT. The study report also notes that these users often fund their crypto activities with their own income or savings, and their investments rarely exceed $635.

The findings, which support the assertion that Kenya has high crypto usage among African countries, were unveiled days after a senior government official revealed plans to begin regulating cryptocurrencies. As reported by Bitcoin.com News on Jan. 11, the Kenyan government wants to regulate cryptocurrencies partly to maintain the East African nation’s status as a leader in financial innovation.

Kenya’s public resolve to regulate cryptocurrencies appears to be the culmination of events that began with an International Monetary Fund (IMF) visit in February 2024. As explained in the Bretton Woods institution’s January 8 technical assistance report, the visit, requested by Kenya’s Capital Markets Authority (CMA), aimed to equip authorities with crypto regulation expertise.

In addition to the IMF visit, Kenyan authorities also established a multi-agency technical working group tasked with developing a framework for regulating cryptocurrencies. In the last quarter of 2024, the Kenyan tax authority proposed a taxation system integrated with cryptocurrency exchanges to enable real-time transaction monitoring.

The report meanwhile identified some methods users employ to convert local fiat currency to cryptocurrencies despite the central bank’s opposition and warnings.

“Despite the position taken by most Traditionally Obligated Entities (TOEs) of not allowing crypto asset transactions following the cautionary statements by the [Central Bank of Kenya] CBK and other authorities, the survey suggests that it is possible to convert fiat to crypto assets and vice versa through peer-to-peer (P2P) mechanisms, e-wallet intermediaries, brokers, and card schemes,” the study report states.

Meanwhile, the study found that cryptocurrencies are used as a hedge against the depreciation of the local currency. It also noted significant adoption in non-fungible tokens (NFTs) and the metaverse. However, the study also highlighted concerns about crypto scams and money laundering risks.

The report recommends further research beyond questionnaires, going beyond a sole focus on anti-money laundering (AML) or counter-terrorism financing (CFT) risks, to better understand the crypto market and inform effective policy responses.

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