The Virtual Assets Service Providers Bill 2025 in Kenya aims to regulate the operations of virtual asset service providers (VASPs) by requiring them to obtain licenses and adhere to anti-money laundering (AML) and counter-terrorism financing (CFT) standards. The bill places VASPs under the oversight of the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA), depending on their activities[1][2][3]. Key provisions include:
- Licensing Requirements: VASPs must secure licenses and maintain physical offices in Kenya[2][3]. - Regulatory Oversight: CBK will oversee wallet providers and stablecoin issuers, while CMA will handle exchanges and tokenization platforms[3][6]. - Compliance Measures: Providers must implement robust cybersecurity and data protection systems[5][8]. - Penalties: Non-compliance can result in significant fines and imprisonment[1][8].