The prominent cryptocurrency mining company Marathon Digital is currently in discussions with the Kenyan government regarding the country's cryptocurrency policy and the energy requirements for crypto mining operations. This development comes as Kenya has been gradually working towards regulating its crypto market.

During the American Chamber of Commerce Kenya Business Summit held in late April, Kenyan President William Ruto announced that Marathon has been invited to consult with the National Treasury and Ministry of Energy. The summit was attended by notable figures, including U.S. Commerce Secretary Gina Raimondo, and Marathon was a platinum-level sponsor of the event. In his keynote speech, Ruto highlighted the significance of the talks with Marathon, stating: "This is a strong testament of the vast transformative possibilities that exist in an expanded and comprehensive understanding between the U.S. [and] East Africa concerning trade and investment."

Marathon Digital, headquartered in the United States, already has joint mining ventures in Abu Dhabi and Paraguay and is recognized as one of the world's top five largest crypto miners. If the discussions with the Kenyan government prove fruitful and lead to Marathon establishing a presence in the East African country, it would not be the first crypto mining operation to do so.

Kenya's stance towards cryptocurrency has evolved over time. Initially, the government had a negative attitude towards digital assets. However, in November 2022, two months after President Ruto took office, efforts were initiated to regulate the crypto market. This move came after the International Monetary Fund (IMF) raised critical observations regarding the lax crypto regulation in Africa in November 2022, with Kenya ranking 11th globally in terms of crypto adoption that year.

Currently, a bill aimed at taxing and regulating cryptocurrencies remains under consideration and open for public comments. The Kenyan government has sought advice from the Blockchain Association of Kenya on a proposed bill for virtual asset service providers, further demonstrating its commitment to establishing a clear regulatory framework for the crypto industry.

Interestingly, the United States has previously advocated for the interests of the American crypto industry in Kenya. However, its efforts to urge Kenya to lift its suspension of Worldcoin activities within the country were unsuccessful. The Kenyan government had ordered the shutdown of Worldcoin operations in August, citing security concerns, although Worldcoin initially did not comply with the government's directive.