MPs Raise Concerns Over Proposed Stablecoin Rules, Warn Against Stifling Innovation

Kenyan MPs Question 30% Local Reserve Rule for Stablecoins

Kenyan MPs question whether a 30% local reserve rule adds real investor protection. Draft rules require full backing, local bank reserves, and strict capital thresholds. Lawmakers also seek clearer redemption deadlines and consistent valuation standards. Kenyan lawmakers are questioning whether a 30% domestic reserve requirement would protect users or restrict participation by international issuers. According to local media reports, the dispute …

MPs Raise Concerns Over Proposed Stablecoin Rules, Warn Against Stifling Innovation

The National Assembly’s Committee on Delegated Legislation has raised concerns that proposed regulations governing stablecoins could hinder innovation, weaken Kenya’s competitiveness as a regional financial technology hub and drive investment to rival jurisdictions. During a consultative meeting with representatives from the virtual assets industry, the committee questioned several provisions contained in the National Treasury’s draft regulation…