Kenya’s VASP Bill to unlock growth and legitimacy for crypto startups
NAIROBI, Kenya, Aug 15 - Kenya’s Virtual Asset Service Providers (VASP) Bill could be a pivotal moment for the country’s burgeoning Web3 and crypto Kenya breaking news | Kenya news today |..
✨ Key Highlights
The proposed Kenya Virtual Asset Service Providers (VASP) Bill is expected to provide legal recognition and legitimacy to the country's Web3 and crypto ecosystem, fostering growth for youth-led startups. This move aims to modernize Kenya's tax base and unlock investment, although concerns remain regarding strict consumer protection measures and licensing costs.
- The Bill reflects Kenya's commitment to recognizing digital assets as a future financial ecosystem component.
- Key individuals involved include Larry Cooke, Binance Africa's head of legal counsel, and Benjamin Arunda, chair of the Africa Blockchain Council.
- While expected to bring legitimacy and trust, the Bill's Know Your Customer (KYC) and Know Your Transaction (KYT) requirements, along with annual licensing costs, could impact crypto's anonymity and deter Web3 innovators.
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Kenya Advances Tech Sector with VASP Bill and Huawei ICT Competition - August 2025
Kenya is taking steps to formalize its Web3 industry through the impending Virtual Asset Service Providers (VASP) Bill, 2025. The bill aims to provide regulatory clarity and consumer protection to the country's growing digital asset sector, which is expected to unlock growth for crypto startups. While experts see potential benefits like reduced remittance costs, concerns remain about the impact of overregulation on innovation. Separately, to foster digital literacy and innovation among youth, Huawei launched its 10th ICT competition in Nairobi on August 14. Attended by government officials, the event aims to attract over 10,000 participants from tertiary institutions nationwide.
