Lobby welcomes feedback on draft bill to regulate cryptocurrency

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.