The Financial Reporting Centre (FRC) has announced that it will conduct a public survey on Virtual Assets (VAS) and Virtual Assets Service Providers (VASPs) on September 8.
In statement on Wednesday, August 18, Financial Reporting Centre (FRC) called upon Kenyans to be part of the mission to protect the integrity of Kenyans financial system and contribute to the safety of citizens.
“As part of the mission to protect the integrity of our financial system and contribute to the safety of our citizens, the Financial Reporting Centre is inviting the public to share their thoughts through a short survey, to help understand the Kenyan ecosystem of virtual assets activities and service providers, along with their benefits and the potential money laundering & terrorism financial risks,” FRC said in a statement.
Furthermore, FRC said that the feedback will play a vital role in shaping the future of the virtual assets ecosystem and promoting a safer and more transparent financial system.
FRC together with other government institutions and private sector players, invites the public to take an anonymous survey on Virtual Assets and Virtual Asset Service Providers operations in Kenya.
Moreover, the Centre noted that while this space has the positive potential to spur financial innovations and efficiency, it can also present opportunities for illicit activities like money laundering and terrorism financing, among others.
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Who is FRC
The Financial Reporting Centre is a Centre that was established under Section 21 of the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), 2009.
Its principal objective is to assist in the identification of the proceeds of crime and the combating of money laundering and terrorism financing.
The Prevention of Terrorism Act (POTA) 2012 also mandates the Centre with the fight against financing of terrorism. The Centre started operations in April 2012.
What are Virtual Assets
Virtual Assets are digital representations of value which may be in the form of digital tokens (such as digital currencies, utility tokens or security or asset-backed tokens), any other virtual commodities, crypto assets, or other assets of the same nature, irrespective of whether they amount to “securities” or “futures contracts” as defined under the SFO.
It can also mean digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.
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Virtual Assets Service Providers
A VASP is a platform used to buy, sell, exchange, or otherwise interact with the cryptocurrency market. In other words, VASPs are crypto exchanges — or at least the framework and theory behind a digital currency exchange.
Furthermore, the acronym “VASP” was coined by the FATF, which is an intergovernmental, international body that shores up standards and regulations — or promotes the use of them — to curb money laundering and stop the financing of terrorism.
Given that diverse types of virtual currency can and may be used for illicit or illegal activities.
To take part in the FRC survey, visit their website.
