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Kenyan Authorities Announce Crypto Regulations, Supreme Court Ruling on Loans, and Measures Against Cartels
Kenyan authorities have taken several actions related to economic regulation. Kenya and Ghana introduced new regulatory frameworks for virtual asset service providers (VASP) to combat fraud and improve transaction traceability. In a landmark judgment, the Supreme Court of Kenya has ruled that banks are not required to register new securities for additional credit, a decision which overturns a 2022 Court of Appeal ruling. The ruling is expected to reduce compliance costs for lenders. Additionally, the Director-General at the Competition Authority of Kenya (CAK), David Kemei, described cartels as an "invisible tax" on consumers. In response, the CAK is intensifying its efforts to combat cartel behavior across various sectors.
China's Use of AI in Cyberattacks and EV Battery Dominance; US and South Korea Finalize Security Agreement
AI firm Anthropic claims that Chinese state-sponsored hackers used its technology to automate cyberattacks, calling it the "first reported AI-orchestrated cyber espionage campaign" which targeted approximately 30 global organizations. In a separate development concerning China's technological growth, the nation has become the global leader in electric vehicle (EV) battery production, now producing over three-quarters of the world's lithium-ion cells due to strategic government initiatives. Meanwhile, South Korea and the United States have finalized a new tariff and security agreement. The agreement followed summit talks on October 29 between President Lee Jae-myung and President Donald Trump.
