Kenya Passes Virtual Asset Law to Regulate Crypto, Boost Investments | Firstpost Africa | N18G

Kenya is taking a major step to regulate cryptocurrencies and digital assets with the passage of the Virtual Asset Service Providers Bill. The law will empower the Central Bank of Kenya to license and oversee stablecoins, while the Capital Markets Authority will regulate crypto exchanges and trading platforms. Stablecoins are digital currencies designed to maintain a steady value, usually pegged to the U.S. dollar. The legislation, inspired by practices in the United States and the United Kingdom, aims to protect investors, prevent misuse, and boost confidence in the market. Once signed by President William Ruto, it could position Kenya as a leading hub for crypto in Africa.

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