Lobby welcomes feedback on draft bill to regulate cryptocurrency

There is currently no clear recourse for addressing cryptocurrency-related fraud in Kenya. [iStockphoto]

The Blockchain Association of Kenya (BAK), the country's primary digital asset industry lobby group, has extended the feedback period for its community-led draft Virtual Asset Service Provider (VASP) bill.

The VASP Bill is the result of a mandate given to the association in November 2023 by the National Assembly's Finance and National Planning Committee. The BAK was tasked with drafting a framework to govern the cryptocurrency industry due to the absence of a framework, which has led to an increase in dubious cryptocurrency scams defrauding Kenyans of millions.