Uganda has launched a central bank digital currency (CBDC) pilot program as part of its broader initiative to tokenize real-world assets. This comes alongside Kenya’s progress towards enacting legislation governing virtual asset service providers (VASP). blockchain infrastructure company Global Settlement Network (GSN) is partnering with Ugandan developer Diacente Group for this tokenization effort, which will target $5.5 billion in real-world assets, including the pilot CBDC. The program, accessible through a smartphone and backed by Ugandan treasury bonds, adheres to both local and international compliance standards. Nigeria was the first African country to launch a CBDC in 2021, followed by Ghana and South Africa. Kenya’s VASP bill, which outlines licensing requirements for crypto services providers, passed through parliament on Tuesday and is awaiting President William Ruto’s signature. The legislation establishes oversight by the Central Bank of Kenya, while the Capital Markets Authority will regulate investment and trading activities. The bill includes provisions to mitigate risks, such as KYC and AML protocols in line with the Financial Action Task Force, as well as penalties for deceptive advertising. This growth is further bolstered by a substantial user base expected in Africa by 2026, according to Statista, which estimates over 75 million users will be active. Stablecoins, which represent approximately 43% of transactions in Sub-Saharan Africa, have also contributed significantly to the continent’s booming crypto industry.