Kenya Parliament Passes Crypto Asset Law To Boost Investments
Kenyan lawmakers have approved a landmark bill to regulate digital assets, positioning the country as a potential hub for cryptocurrency innovation in Africa. The Virtual Asset Service Providers (VASP) Bill now awaits presidential assent after clearing parliament last week.
The legislation establishes a dual regulatory framework, with the Central Bank of Kenya overseeing stablecoin issuers and the Capital Markets Authority supervising trading platforms. This MOVE aims to provide clarity for investors while protecting consumers in a market where 18-35 year olds are already actively using digital assets.
"We're positioning Kenya as Africa's gateway for digital asset businesses," said Finance Committee Chair Kuria Kimani. The law brings Kenya into alignment with South Africa as one of the continent's few nations with comprehensive crypto regulations.
