👀Kenya🇰🇪: Thoughtful cryptocurrency regulation on the Horizon

👀Kenya🇰🇪: Thoughtful cryptocurrency regulation on the Horizon

The bill on virtual asset service providers was added to the parliamentary agenda in April and has gained strong support from key players in the crypto sector.

➡️ Key concept: potential for cross-sectoral regulation.

➡️ In this context, the Finance Committee of the National Assembly proposed that five government agencies jointly supervise virtual asset service providers (VASPs). The House of Representatives has supported this initiative.

➡️ The government’s proposed inter-institutional structure includes the Central Bank of Kenya (CBK), the Capital Markets Authority, the Competition Authority, the Communications Authority of Kenya, and the Data Protection Commission.

➡️ Supervision of VASP activities will also cover digital communications infrastructure and data protection.

➡️Fact: A recent Central Bank study revealed that more than 30% of commercial banks and microfinance institutions in Kenya are prepared to operate with virtual assets, including cryptocurrencies and NFTs.

If the law is approved, Kenya will become the third African country, after Nigeria🇳🇬and South Africa🇿🇦, to have specific cryptocurrency legislation.

#news #Africa #crypto

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