Kenya Virtual Asset Bill Signed Into Law
Kenya has entered a new era of digital finance and crypto after President William Ruto signed the Virtual Asset Bill into law.
The legislation provides a comprehensive framework to regulate cryptocurrencies, exchanges, wallets, and other blockchain-related businesses operating in the country.
- All entities dealing with virtual assets must obtain a licence before operating in or from Kenya.
- Oversight will be shared between the Central Bank of Kenya and the Capital Markets Authority.
- Licensed firms must have a registered local office, maintain audited financial records, and meet strict capital and governance standards.
The new law marks the first comprehensive framework to regulate cryptocurrencies and blockchain-related businesses in Kenya.
Author's summary: Kenya regulates crypto with new law.