Kenya’s crypto bill passes assembly stage, but new rules could make or break the market
- Kenya's National Assembly approved the Virtual Asset Service Providers (VASP) Bill at the committee stage.
- The bill will be sent to President William Ruto for assent after the third reading.
- The legislation establishes the Central Bank of Kenya and the Capital Markets Authority as primary regulators.
The approval of the VASP Bill is a crucial development for Kenya's digital economy, potentially fostering innovation and attracting investment. However, it will be essential to monitor the implementation of these regulations to ensure they effectively balance oversight with the need for a vibrant crypto ecosystem.
