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Kenya has officially entered a new era ofdigital finance and crypto after President William Ruto signed the Virtual Asset Service Providers Bill into law. The legislation marks the first comprehensive framework to regulate cryptocurrencies, exchanges, wallets, and other blockchain-related businesses operating in the country.
Oversight will be shared between the Central Bank of Kenya and the Capital Markets Authority, depending on the nature of the services offered.
Above image of the Ovocoin with the bill in place its set to be one of the pioneer crypto currency in kenya.
Licensed firms must have a registered local office, maintain audited financial records, and meet strict capital and governance standards.
This move places Kenya among a growing number of World countries seeking to formalize the crypto economy while ensuring financial stability and consumer protection.
A key part of the law focuses on anti-money laundering and counter-terrorism financing. Virtual asset providers in our country who are majority startups, like our selves with the Ovocoin will now be compelled to conduct identity checks, report suspicious transactions, and keep detailed records of all dealings.
Regulators will also have the authority to inspect company operations and enforce penalties for non-compliance. Violations could lead to heavy fines or imprisonment, indicating the government’s intent to curb illicit activity in the sector.
For the crypto community, this development is both progress and challenge. On one hand, the law offers long-awaited legitimacy that could attract local investment and foster innovation in digital finance in our country.
It is expected to boost confidence among users who have often been wary of scams and unregulated platforms. On the other hand, the licensing costs and compliance demands could prove difficult for smaller or informal operators, potentially reducing market diversity.
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