Kenya's National Treasury has taken a significant step towards regulating its cryptocurrency market with the unveiling of a draft crypto law.
The draft law proposes licensing, reserve, and disclosure requirements for virtual asset service providers (VASPs) in an effort to strengthen market integrity and address gaps in anti-money laundering and counter-terrorism financing measures.
The Treasury formed the draft rules in consultation with the Central Bank of Kenya and Capital Markets Authority, combining multi-agency input and international compliance standards.