Kenyan National Assembly Plans to Authorize BAK for Drafting Virtual Asset Service Provider’s Bill
The Blockchain Association of Kenya (BAK) recently announced that the Kenyan National Assembly’s Departmental Committee on Finance and National Planning is considering authorizing BAK to draft a bill for virtual asset service providers. The purpose of this is to foster collaboration between the BAK and the national government in creating favorable policies for the digital assets industry.
Workshop Organized to Develop Collaborative Approach with Government
As part of this effort, a workshop was organized with participants from Yellow Card, Binance, Kotani Pay, and the Law Society of Kenya. The goal was to address key aspects related to the development of a collaborative approach with the government and fostering favorable policies for digital assets in Kenya.
Key Aspects of Drafting a Crypto Bill
The Blockchain Association of Kenya emphasized that some vital aspects to consider while drafting a crypto bill include licensing framework, tax framework, consumer protection framework, anti-money laundering and counter-terrorism financing, and a regulatory sandbox. These considerations are essential in fostering a regulatory framework similar to that of the European Union (EU) and attracting investment capital into the country.
Allan Kakai On Kenya’s Crypto Landscape
Allan Kakai, legal and policy director at BAK, highlighted Kenya’s position as one of the top three countries in Africa in terms of crypto volume. He stressed the need for a clear licensing policy and regulatory framework in Kenya to avoid falling behind other African countries striving for crypto regulation excellence. The parliamentary committee has directed stakeholders to draft a parliamentary bill for the first time.
According to Kakai, the upcoming bill to regulate cryptocurrencies in Kenya is expected to be completed within the next two months based on the time allotted by the Kenyan national government.
Hot Take: Kenya Poised for Crypto Regulation Revolution
The efforts by BAK and the Kenyan government signify an important step towards regulating cryptocurrencies in Kenya. With growing interest in digital assets and their potential impact on the economy, creating a conducive regulatory environment is crucial for fostering innovation and attracting investment capital into the country’s burgeoning crypto landscape.
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