Marathon Digital, a crypto mining company, is currently engaged in discussions with the Kenyan government regarding the country’s cryptocurrency policies and the energy requirements for crypto mining. Kenya has been gradually implementing regulations in the crypto market.
During the American Chamber of Commerce Kenya Business Summit, President William Ruto announced that Marathon has been invited to consult with the National Treasury and Ministry of Energy. Although the summit took place in late April, the news was not immediately reported.
Among the attendees at the summit was U.S. Commerce Secretary Gina Raimondo, and Marathon served as a platinum-level sponsor for the event. In his keynote speech, Ruto mentioned the ongoing talks with Marathon, stating:
“Marathon, based in the United States with joint mining ventures in Abu Dhabi and Paraguay, is one of the world’s top five largest crypto miners. If these discussions lead to Marathon establishing a presence in our East African country, they would not be the first crypto miner to operate here.”
In related news, Ethiopia recently made a data center deal with a Hong Kong company, signaling a potential start to crypto mining activities.
The Kenyan government has had a historically negative attitude towards cryptocurrency. However, efforts to regulate the crypto market began in November 2022, two months after Ruto assumed office. In November 2022, the International Monetary Fund criticized the lax crypto regulations in Africa, with Kenya ranking 11th globally in terms of crypto adoption that year.
The bill to tax and regulate crypto in Kenya is currently under consideration and open to public comments. The government 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 convince Kenya to lift its suspension of Worldcoin activities in the country 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.
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