Inner City Press Asks IMF of Kenyan Crypto and SVG and what OCC Calls Super Intelligence

Inner City Press Asks IMF of Kenyan Crypto and SVG and what OCC Calls Super Intelligence by Matthew Russell Lee NYC, Nov 12 – When the IMF held its biweekly embargoed press briefing on Nov 12, Inner City Press was able to ask the Fund's spokesperson Julie Kozack about the US Office of the Comptroller of the Currency's deregulatory guidance on "super intelligence" - she said the IMF is focused on financial stability - and then about Kenya and crypto: "On Kenya and crypto it is reported that "the IMF identified gaps in Kenya’s implementation of the Financial Action Task Force’s Travel Rule, which requires covered virtual asset service providers to exchange customer information when processing transfers." Can you state what the IMF is recommending?" From an IM Spokesperson: " “At the request of the Kenyan authorities, IMF staff provided technical assistance on the regulation and supervision of crypto markets and activities. The technical assistance report was published on November 6, 2026. In that report, IMF staff recommend strengthening Kenya’s regulatory framework for crypto assets by fully implementing the Financial Action Task Force (FATF) Travel Rule. “In practice, this means requiring crypto firms to collect information on who is sending and who is receiving a transfer. They would then share it, securely and without delay, with the firm on the receiving end. This makes crypto transfers more like a bank wire, where identifying information accompanies the payment. “IMF staff recommend incorporating these requirements into the appropriate legal framework as a priority. We understand that Kenya’s Financial Reporting Centre is coordinating revisions to the Proceeds of Crime and Anti-Money Laundering Act to incorporate these requirements." Also, on SVG: " On SVG it is reported that "Facing a daunting public debt burden of 113 percent of gross domestic product that threatens to climb to 145 percent by 2031 if left unaddressed, St. Vincent and the Grenadines stands at a critical financial crossroads" - has the IMF been approached for a program?" Also from an IMF Spokesperson: "The authorities agree with staff advice in the 2026 Article IV staff report on the urgent need for fiscal consolidation to put debt on a downward trajectory. Currently, the authorities are finalizing a home-grown Growth and Resilience Plan in alignment with staff advice in the 2026 Article IV staff report and have noted that engagement with international financial institutions remains an important part of their efforts to strengthen the country’s fiscal position and support sustainable economic growth. We are continuing our close dialogue and stand ready to support the authorities in achieving their objectives."  Back in July 2025 after the signing of the GENIUS Act on stablecoins into US law, Inner City Press asked of the implications of this legitimization of digital assets. Spokesperson Kozack offers some praise of the Act, and some cautions. Video.     Inner City Press also asked if El Salvador is in fact merely moving Bitcoin it already owns between its own wallets, rather than buying more - that seems to be the case. Video More video coming on IMF's website. *** Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron. Feedback: Editorial [at] innercitypress.com SDNY Press Room 500 Pearl Street, NY NY 10007 USA Mail: Box 130222, Chinatown Station, NY NY 10013 Reporter's mobile (and weekends): 718-716-3540 Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.  Copyright 2006-2024 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com