Kenya Passes Bill to Regulate Bitcoin and Cryptocurrencies
Kenya's parliament has approved a landmark bill to regulate Bitcoin and other crypto assets, giving digital assets legal recognition.
The Virtual Asset Service Providers Bill designates the Central Bank of Kenya to license issuers of stablecoins and virtual assets, while the Capital Markets Authority will oversee crypto exchanges and trading platforms.
The legislation aims to encourage innovation in virtual asset services while attracting international investments in Kenya's digital economy, addressing concerns around fraud and market manipulation.
The move would position the East African nation as a leader in Africa's fintech landscape.
The regulatory framework grants formal legal recognition to digital assets.
Author's summary: Kenya regulates Bitcoin and cryptocurrencies.
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