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Kenya is a key step closer to formalising cryptocurrency and digital asset regulation after the National Assembly approved the Virtual Asset Service Providers (VASP) Bill at the committee stage, clearing the way for a final reading and presidential assent.
Treasury Secretary John Mbadi announced in January that the draft framework aims to regulate VASPs and Virtual Assets (VAs) while “managing the resultant risks” that cryptocurrencies facilitate money laundering and fraud.
“Kenya’s financial sector is a beacon of innovation and growth in Africa. The Government of Kenya is committed to creating the necessary legal and regulatory framework in order to leverage opportunities presented by VAs and VASPs while managing the resultant risks,” he said at the time.
Under the revised bill, the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) will oversee licensing and supervision of virtual asset providers, while the Treasury will draft detailed regulations. These will cover stablecoins, tokenised assets, trading platforms, cybersecurity, advertising, and anti–money laundering (AML) safeguards.
Chainalysis ranks Kenya among Africa’s top five crypto markets, citing strong remittance inflows and widespread use of peer-to-peer trading platforms. Its 2024 Geography of Cryptocurrency Report estimated that Kenya processed about $580mn in digital transactions, much of it outside formal financial channels.
The draft legislation aims to bring greater oversight to the fintech sector and innovation within it. Analysts told Business Daily Africa it could bolster investor confidence and attract foreign exchanges seeking regulatory clarity.
Kenya’s digital economy, long known for mobile-money innovation through top telecom Safaricom’s M-Pesa, could enter a new phase where crypto assets form part of mainstream financial services.
The bill also aligns Kenya with other African regulators embracing crypto supervision. South Africa has licensed more than 240 virtual-asset firms, Nigeria has launched a sandbox for digital finance, and Mauritius already applies global compliance standards through the Eastern and Southern Africa Anti–Money Laundering Group (ESAAMLG) framework.
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