Kenya Passes Bill to Regulate Bitcoin and Cryptocurrencies
Kenya's parliament has approved a landmark bill to regulate Bitcoin and other crypto assets, giving digital assets legal recognition.
The Virtual Asset Service Providers Bill designates the Central Bank of Kenya to license issuers of stablecoins and virtual assets, while the Capital Markets Authority will oversee crypto exchanges and trading platforms.
- The legislation grants formal legal recognition to digital assets.
- The move aims to encourage innovation in virtual asset services while attracting international investments in Kenya's digital economy.
- The regulatory framework addresses concerns around fraud and market manipulation that have previously hindered crypto adoption in the region.
No specific quotes available in the text.
Author's summary: Kenya regulates Bitcoin and cryptocurrencies with new legislation.
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