Kenya’s Parliament has approved a groundbreaking cryptocurrency bill placing the Central Bank in charge of licensing digital assets.
Kenya’s Parliament has approved the Virtual Asset Service Providers (VASP) Bill, a landmark law establishing the nation’s first comprehensive regulatory framework for cryptocurrency and digital assets. The legislation designates the Central Bank of Kenya (CBK) as the licensing authority for stablecoins and digital assets, while the Capital Markets Authority (CMA) will oversee crypto exchanges and trading platforms.
According to Reuters, the bill now awaits President William Ruto’s signature to become law. The move follows growing digital asset adoption in Kenya, which introduced a 1.5% digital assets tax in 2023 and ranked fourth in Africa for crypto adoption in 2024.
The bill aligns with IMF recommendations urging stronger regulation to curb money laundering and safeguard consumers. Kenya now joins a wave of African nations embracing digital assets, with stablecoins making up 43% of Sub-Saharan Africa’s crypto transactions in 2024.
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