Kenya is forging ahead with plans to regulate the crypto industry, with a request for public participation published in local newspapers.
The request is published by the Ministry of National Treasury and Economic Planning, and is seeking public opinion on the country’s Draft National Policy on Virtual Assets and Virtual Asset Service Providers as well as a Virtual Assets Service Providers bill.
According to the ministry, the documents have been developed through a multi-agency taskforce and both provide a framework for oversight and development of the virtual assets ecosystem.
“Pursuant to Sections 4(a) and 5(3) (a) and (b) of the Statutory Instruments Act, 2013, the National Treasury and Economic Planning is undertaking public participation on the Policy and the Bill and hereby invites the members of the public to submit their views to the email address [email protected] and copied to [email protected] on or before 24th January 2025 using the template provided on the National Treasury website.”
– Ministry of National Treasury and Economic Planning
The ministry will be conducting public participation forums in various physical locations across the country.
Members of the public are invited to come and give their views on the two documents in the following locations:
1. Mombasa City
Date: January 20 2025
Target Counties: Mombasa, Kwale, Kilifi, Tana River, Lamu, and Taita Taveta
Time: 9:00 AM – 1:00 PM
2. Kisii
Date: January 20 2025
Target Counties: Kisii, Migori, Homabay, and Nyamira
Time: 9:00 AM – 1:00 PM
3. Machakos
Date: January 22 2025
Target Counties: Machakos, Kitui, Makueni, and Kajiado
Time: 9:00 AM – 1:00 PM
4. Kisumu City
Date: January 22 2025
Target Counties: Kisumu, Siaya, Busia, Vihiga, Kakamega, Bungoma, and Kericho
Time: 9:00 AM – 1:00 PM
5. Nyeri
Date: January 24 2025
Target Counties: Nyeri, Embu, Tharaka Nithi, Murang’a, and Kirinyaga
Time: 9:00 AM – 1:00 PM
6. Eldoret
Date: January 24 2025
Target Counties: Uasin Gishu, West Pokot, Trans Nzoia, Nandi, Bomet, Elgeyo Marakwet, and Turkana
Time: 9:00 AM – 1:00 PM
7. Meru
Date: January 27 2025
Target Counties: Isiolo, Wajir, Mandera, Marsabit, Garissa, and Meru
Time: 9:00 AM – 1:00 PM
8. Nakuru
Date: January 27 2025
Target Counties: Nakuru, Laikipia, Narok, Nyandarua, Samburu, and Baringo
Time: 9:00 AM – 1:00 PM
9. Nairobi
Date: January 29 2025
Target Counties: Nairobi and Kiambu
Time: 9:00 AM – 1:00 PM
The East African nation, Kenya, lags behind the advanced crypto ecosystems on the continent when it comes to regulation.
Nigeria has a regulation regime in place introduced in June 2024 with Nigerian-owned crypto exchanges, Busha and Quidax, the first to receive licenses from the Nigerian SEC in 2024.
🇳🇬REGULATION | SEC Nigeria Approves 8 Digital Assets Exchanges and Offering Platforms Onto its Regulatory Incubation Program
The ‘Approval-in-Principle’ is a preliminary step toward full registration by the SEC, ensuring that appropriate protection and transparency measures are… pic.twitter.com/Fc1Y7J0y08
— BitKE (@BitcoinKE) August 29, 2024
South Africa’s Financial Sector Conduct Authority (FSCA) has so far approved 248 crypto asset service provider licences making it the most advanced location for crypto operators on the continent.
🇿🇦REGULATION | South Africa Has Now Approved 248 Crypto Providers Out of 420 Received So Far, Only 9 Applications Rejected
This post identifies two key areas that resulted from applications getting rejected by the FSCA.https://t.co/9osgvhErjt @fscasouthafrica pic.twitter.com/2fvVgBZoty
— BitKE (@BitcoinKE) December 16, 2024
Seychelles is also a favorable location to some of Africa’s and the world’s biggest crypto ventures thanks to its clear regulations.
🇸🇨REPORT | Seychelles Accounted for the Bulk of VC Funding to African Blockchain Startups in 2023 Due to Clear Regulations
Despite the easing of crypto regulations across the continent, crypto is still banned in 12 countries, and 36 more countries have ‘uncertain’ regulatory… pic.twitter.com/DAAHPqdCWJ
— BitKE (@BitcoinKE) July 18, 2024
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