Kenya’s Virtual Asset Law: Key Proposals

Kenya is drafting legislation to regulate virtual asset service providers (VASPs), aiming to create a secure, innovation-friendly framework for digital assets. The IOTA Foundation has provided detailed feedback to help refine the bill, drawing on global best practices.

Key Insights

Calls for regulatory clarity around token classifications, aligned with global standards like the EU’s MiCA.
Advocates for fair compliance procedures, including defined review timelines and transparent appeal mechanisms.
Emphasizes consumer protection, particularly around asset custody and platform security.