VASP Bill Withdrawal: Kenya Crypto Regulatory Setback Explained

VASP Bill Withdrawal: Kenya Crypto Regulatory Setback Explained

Kenya’s recent celebrations over its recent VASP bill might have been short-lived. After the combined participation of top-tier exchanges and sit-downs to educate members of parliament, recent events have thrown the integrity of the bill into question. In Brief The VASP Bill was withdrawn after experts flagged governance flaws, potential regulatory capture, and political interference in Kenya’s digital asset framework. A last-minute stablecoin…

REGULATION | The Kenya Government to Revise the Kenya VASP Bill Following Public Uproar Over Watered Down AML/CFT Requirements and Conflict of Interest Concerns

Following a week of public uproar over the parliamentary proceedings of the upcoming Virtual Assets Providers Bill, 20205, and the proposed regulatory body by the name, the Kenya Virtual Assets Regulatory Authority (VARA), the government has apparently withdrawn the suggested amendments to the bill for a review. According to reliable sources, the bill was apparently watered down to the point that it needed a review by the relevant authorities be…