TechFlow, Oct 14 — According to Reuters, Kenya's parliament has passed the Virtual Asset Service Providers Bill, aiming to promote investment in the digital asset industry by establishing a clear regulatory framework.
The bill designates the Central Bank of Kenya as the licensing authority for stablecoins and other virtual assets, while the capital markets regulator will issue licenses to cryptocurrency exchanges and other trading platform operators. The bill now awaits presidential assent from President William Ruto to become law.
Kuria Kimani, chair of the National Assembly’s finance committee, said the move brings Kenya one step closer to becoming the second African country after South Africa to have legislation governing the digital asset industry. The anticipated legal clarity could attract increased investment in the fintech sector from cryptocurrency exchanges including Binance and Coinbase.
