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IMF urges Kenya to require crypto firms to share customer data under Travel Rule

The International Monetary Fund has urged Kenya to require cryptocurrency platforms to collect and share customer transaction details under the Travel Rule to combat money laundering.

The national flag of Kenya waving on a flagpole against a blue sky with light clouds.
Image: @Cointelegraph

The International Monetary Fund has recommended that Kenya mandate cryptocurrency platforms to collect and share customer information under the Travel Rule, according to reporting by crypto.news and Cointelegraph. The proposal calls for crypto firms to share sender and recipient details to combat money laundering and fraud.[1][2][3]

Under the recommendations, platforms would collect and exchange users' names, identification numbers, addresses, and wallet details, crypto.news reported. The guidance comes as Kenya seeks to exit the Financial Action Task Force grey list by April 2027. Crypto Briefing noted that while adopting the data-sharing framework could improve anti-money laundering measures, it may also lead to higher compliance costs and privacy concerns.[2][3]

Key facts

  • The IMF urged Kenya to require cryptocurrency firms to share customer data under the Travel Rule.
  • The proposal would mandate platforms to collect and share users' names, ID numbers, addresses, and wallet information.
  • The data-sharing measures aim to combat money laundering and scams.
  • Kenya is working to exit the FATF grey list by April 2027.
  • Adopting the IMF's recommendations could strengthen anti-money laundering controls but may increase compliance costs and privacy concerns, according to Crypto Briefing.

Sources 路 3 sources

  1. CO

    Cointelegraph@CointelegraphPost on X 路

    馃嚢馃嚜 LATEST: The IMF urges Kenya to require crypto firms to share sender and recipient details to combat money laundering. https://t.co/Eqo9zKXSI3

    Open source
  2. CB

    Crypto BriefingArticle 路

    IMF urges Kenya to make crypto firms share sender and recipient details Kenya's adoption of IMF's crypto data-sharing recommendations could enhance AML efforts but may increase compliance costs and privacy concerns. The post IMF urges Kenya to make crypto firms share sender and recipient details appeared first on Crypto Briefing .

    Open source
  3. CN

    crypto.news@cryptodotnewsPost on X 路

    JUST IN: IMF urges Kenya to require crypto platforms to share customer data under the Travel Rule The proposal would require platforms to collect and share users' names, ID numbers, addresses and wallet details to combat money laundering and scams as Kenya works to exit the FATF grey list by April 2027.

    Open source