Kenya’s $20 billion crypto market takes first step to regulation
- The Blockchain Association of Kenya (BAK) has been asked to prepare the first draft of the Virtual Asset Service Provider's Bill, commonly known as the Crypto Bill.
- Kenya ranks third in Africa for crypto site traffic and 21st in global crypto adoption.
- Kenya's parliament has directed BAK to draft and submit a bill governing digital assets within two months.
The decision to draft the Crypto Bill in Kenya is a positive step towards regulating the crypto market and providing clarity for businesses and investors. Kenya's high ranking in crypto adoption highlights the potential of the market. However, it is important for the regulatory framework to strike a balance between promoting innovation and ensuring consumer protection.
