Kenya Moves Toward Crypto Regulation with Multi-Agency Oversight Plan
Kenyan lawmakers have endorsed a government proposal to establish a joint regulatory framework for cryptocurrency operations. The National Assembly's Finance Committee approved a plan that would task five agencies with supervising virtual asset service providers (VASPs), marking a significant step toward formal industry regulation.
The proposed oversight group includes the Central Bank of Kenya, Capital Markets Authority, Competition Authority of Kenya, Communications Authority of Kenya, and the Office of the Data Protection Commissioner. This cross-sectoral approach aims to address market conduct, data protection, and digital infrastructure concerns simultaneously.
Policy think tank VIRTUAL Assets Chamber successfully advocated for removing a restrictive clause in the draft legislation. The committee has opened the proposal for public comment before final implementation.