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Major strides in cryptocurrency regulation have emerged from Kenya as the government announces a new Virtual Asset Service Providers Bill 2025. The legislation mandates all crypto companies to maintain a registered office within the country and appoint CEOs or directors approved by the Capital Markets Authority. This move is poised to enhance oversight and increase transparency in the crypto trade.
Crypto trading platforms like Binance and Coinbase will need to have a management board with at least two directors ensuring that no director serves on multiple boards simultaneously. The government aims to vet all senior figures in these companies ensuring they uphold high standards of integrity and qualifications related to virtual assets.
With this new bill Kenya stands at the forefront of cryptocurrency innovation fostering a safe environment for digital currency exchanges. These regulations are designed to protect investors facilitate smoother transactions and support the growth of a robust crypto economy.
