Browsing: Virtual Asset Service Provider (VASP) Bill

New Regulations for crypto firms in Kenya
  • New regulations for crypto firms in Kenya will force players give evidence of sufficient working capital to continue business.
  • Crypto firms will required to maintain core capital of not less than 12% of the total fiat value of the virtual assets held or proposed to be held in the custody of the platform.
  • The Virtual Asset Service Provider (VASP) Bill also proposes that businesses dealing in digital assets in the country be allowed to operate as commercial entities.

Players in the digital assets and crypto currency space are now pushing for new regulations for crypto firms that will govern how new players join Kenyan market.

The digital asset industry lobby group, the Blockchain Association of Kenya (BAK), is among others, proposing the formation of a new regulatory sandbox that will test and regulate companies in the industry before their licensing.

Additionally, the Virtual Asset Service Provider (VASP) Bill, …