Kenya is poised to become a major hub for digital finance after its parliament passed a groundbreaking law to regulate cryptocurrencies and virtual assets. This new legislation establishes clear rules for the industry, designating the central bank and capital markets authority as key regulators for stablecoins and trading platforms, respectively. The move aims to attract significant investment from major global crypto exchanges by providing the legal certainty they require. With a highly tech-savvy youth population already engaged in digital trading and payments, Kenya hopes to leverage this framework to become a gateway for crypto innovation across Africa. The bill now only requires the president’s signature to become law, positioning the East African nation alongside South Africa as a pioneer in formalizing this rapidly growing sector. This strategic step seeks to capitalize on Kenya’s legacy as a mobile money pioneer with M-Pesa.
CNBC Africa