The introduction of the Virtual Asset Service Providers Act in Kenya has brought a much-needed regulatory framework to the country's crypto market.
The law defines digital assets broadly, allowing for the use of stablecoins and other blockchain assets. It focuses on intermediaries, including exchanges, wallets, brokers, payment processors, and token issuers, bringing a level of security that wasn't available before.
Two authorities will govern the process: the Central Bank of Kenya (CBK), which oversees payment-related activities, and the Capital Markets Authority (CMA), which supervises trading platforms and investment products.