Kenya has introduced the Virtual Asset Service Providers Bill of 2025 to regulate the cryptocurrency sector by requiring crypto exchanges and wallet providers to disclose the identities of cryptocurrency owners.
This move is part of an effort to enhance tax compliance and combat financial crimes, including money laundering and terrorist financing.
The bill designates the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) as joint regulators of the crypto industry.
Today, the crypto industry has an estimated 730,000 users in Kenya.
The proposed legislation seeks to balance innovation and financial inclusion with risk management, drawing inspiration from Kenya’s successful mobile money framework, M-Pesa.
The Treasury Cabinet Secretary John Mbadi is inviting public feedback on the bill until April 25, 2025, as it aims to position Kenya as a leader in financial technology in Africa while addressing regulatory gaps in the rapidly growing digital asset market.
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