Kenya Parliament Approves Landmark Crypto Regulation Bill
Kenya's parliament has passed the VIRTUAL Asset Service Providers Bill, marking the country's first comprehensive regulatory framework for cryptocurrencies. The legislation, approved last week, now awaits President William Ruto's signature to become law.
The bill divides oversight between the Central Bank of Kenya, which will license stablecoins and virtual assets, and the Capital Markets Authority, tasked with regulating exchanges and trading platforms. This dual approach reflects Nairobi's cautious strategy toward digital asset governance.
Market observers anticipate the regulatory clarity will attract major global exchanges and institutional investment to Kenya's burgeoning crypto sector. The move comes amid growing international scrutiny of stablecoins' potential impact on developing economies' monetary systems.
