Kenya moves closer to crypto law as parliament advances Bill

Parliament building.[FILE/Standard]

Kenya’s parliament is pushing forward on landmark legislation to regulate its fast-growing blockchain and cryptocurrency industry, seeking to bring order to a sector where more than six million Kenyans traded close to $2 billion over the past year.

Lawmakers began the Second Reading of the Virtual Asset Service Providers Bill in June and has gone through a 15-member committee stage, with a law expected to be in place by the end of the year. The proposed law requires all digital asset service providers, including crypto exchanges and wallet operators, to obtain licences from local regulators, introduce anti-fraud and anti-money laundering safeguards, and implement strict consumer protections.