Kenya Enacts Regulations for Digital Assets, Bolsters Fintech Sector

Kenya has taken a significant step towards establishing itself as a leader in the African digital asset industry. The country recently passed the Virtual Asset Service Providers Bill, which introduces comprehensive regulations for digital assets like cryptocurrencies. This legislation designates the central bank as the authority overseeing stablecoin issuance and other virtual assets, while the capital markets regulator will handle licensing for exchanges and trading platforms. 2023 marked a crucial turning point for Kenya’s approach to digital assets, with regulators stepping in to ensure clarity and smooth operation of the sector.