Kenya’s parliament has passed the Virtual Asset Service Providers Bill, a move aimed at regulating digital assets like cryptocurrencies and boosting investments in the sector.
The bill, which awaits President William Ruto’s signature, establishes the Central Bank of Kenya as the licensing authority for stablecoins and other virtual assets, while the capital markets regulator will oversee cryptocurrency exchanges and trading platforms.
This development positions Kenya to join countries like South Africa in having clear regulations for the digital assets industry, potentially attracting increased investments from crypto exchanges like Binance and Coinbase.
The law also aims to address concerns over anonymity and potential misuse of digital assets, aligning with global standards for anti-money laundering and counter-terrorism financing.
