The National Assembly's Departmental Committee on Finance and National Planning has directed the Blockchain Association to prepare the first draft of “what could become a virtual asset service provider's bill.”
Kenya might become the first country in the world where the industry’s representatives would develop the regulatory framework for crypto. According to the Blockchain Association of Kenya , The National Assembly’s Departmental Committee on Finance and National Planning hasit to prepare the first draft of “what could become a virtual asset service provider’s bill.”
On Oct. 31, the Committee on Finance and National Planning invited the BAK representatives to discuss the digital assets regulation. BAK’s legal and policy director, Allan Kakai, shared the details behind the meeting with the local media: “Basically, we are telling parliament: ‘Look, Kenya has always branded itself as the Silicon Savannah; we are top three for digital assets , and if we do not develop a clear licensing and regulatory framework, Nigeria, South Africa, Botswana, Namibia, Mauritius would take the lead, and the capital flow that would have come to Kenya would have flocked elsewhere.”
In response, the Committee gave the BAK two months to draft the crypto bill. The message in the Committee’s official X account only that it “urged the Association to undertake robust public education on cryptocurrency trade to demystify it.”In September 2023, Kenya introduced the Financial Act 2023, featuring the requirement for cryptocurrency exchanges to withhold 3% “of the transfer or exchange value of the digital asset.
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