Kenyan Crypto Stakeholders Challenge $77,000 Fine in Proposed VASP Bill

Kenyan cryptocurrency players are urging their parliament to reconsider hefty fines proposed in the Virtual Asset Service Providers (VASP) bill. They argue the penalties, up to Sh10 million per infraction and potentially five years of imprisonment, are too excessive and could stifle innovation. The bill seeks to regulate Kenya’s crypto market, prompting debate about its impact on the industry.