Kenya’s Parliament Passes Crypto Regulation Bill, Paving Way for Fintech Growth
Kenya's parliament has approved the Virtual Asset Service Providers Bill, marking a significant step toward formal oversight of the country's rapidly expanding cryptocurrency market. The legislation now awaits President William Ruto's signature to become law.
The bill establishes clear licensing frameworks for crypto issuers and exchanges, a move expected to bolster investor confidence and attract fresh capital to Kenya's fintech sector. This regulatory clarity could position Nairobi as Africa's leading hub for digital asset innovation.
A dual regulatory structure divides oversight between existing agencies: the Central Bank of Kenya will supervise stablecoins and VIRTUAL assets, while the Capital Markets Authority regulates trading platforms and brokers. This streamlined approach replaces earlier proposals for a new dedicated regulator.
