Kenyan parliament passes crypto assets bill to boost investment

PANews, October 14, according to Reuters, Kuria Kimani, chairperson of the Finance Committee of the National Assembly of Kenya, said that Kenyan lawmakers passed the Virtual Asset Service Providers Bill last week to address concerns about the industry caused by the lack of clear regulatory provisions and attract more investment into the field. President William Ruto now needs to sign the bill into law. The bill stipulates that the central bank will be the authority to issue stablecoins and other virtual assets, while the capital markets regulator will issue licenses to institutions wishing to operate cryptocurrency exchanges and other trading platforms. Kimani said the legal clarity is expected to attract more investment into the fintech sector, including from crypto exchanges such as Binance and Coinbase. Kimani also said that Kenya’s law draws on mature practices from other countries such as the United States and the United Kingdom.
Disclaimer: The views in this article only represent the author's personal views and do not constitute investment advice from this platform. This platform does not make any guarantees about the accuracy, completeness, originality and timeliness of the information in the article, nor is it responsible for any losses caused by the use or reliance of the information in the article.