Kenya Passes Bill to Regulate Bitcoin and Cryptocurrencies
Kenya has enacted new legislation to regulate Bitcoin and cryptocurrencies, providing digital assets with legal recognition.
The Virtual Asset Service Providers Bill assigns the Central Bank of Kenya to license stablecoin and virtual asset issuers, while the Capital Markets Authority will oversee crypto exchanges and trading platforms.
The legislation aims to promote innovation in virtual asset services and attract international investments to Kenya's digital economy, addressing concerns around fraud and market manipulation.
The move positions Kenya as a leader in Africa's fintech landscape.
Author's summary: Kenya regulates cryptocurrencies.