Beware! Kenya’s Cryptocurrency Crackdown – Will Your Crypto Business Survive?

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The Kenyan government has introduced a draft policy requiring cryptocurrency businesses to establish local offices within the country, Bloomberg reported on Tuesday citing the country’s National Treasury’s website. No access to assets confinement allowed!

🇰🇪 New Legislation: VASP Requirements

Other media outlets also reported that the law mandates that virtual asset service providers (VASPs), including exchanges like Binance and Coinbase, open a physical office and have a chief executive officer or director to operate in the region. But wait… regulatory approval required! 😮

The move is part of the country’s effort to introduce a comprehensive regulatory framework for consumer protection. Please give us your thoughts until January 24th!

Features of the <3 Kenyan Crypto Scene 💕

A 1.5% Digital Assets Tax (DAT) for crypto traders has been implemented. Authorities let traders pay the tax voluntarily. But fear not, data privacy and cybersecurity are on the agenda too! 👀

Kenya ranks 28th in the Global Cryptocurrency Adoption Index by Chainalysis. The country is witnessing a surge in digital asset adoption as remittances and alternatives to traditional services. 🔮

Kenya’s Proactive Approach Amid African Regs

In the African context, Kenya’s proactive steps toward regulating cryptocurrencies position it as a leader. The nation aims to balance innovation with consumer protection – a true fusion of economic freedom and regulatory oversight! 🎉

Central African Republic (CAR) adopted Bitcoin as legal tender in 2022, becoming the second country globally, after El Salvador. 🇨🇫

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2025-01-21 18:48