This is a major step toward a clear, risk-based framework for crypto/ digital-asset business operating in or from Kenya.
What the Bill does (at a glance):
- Licensing required for VASPs with oversight led by the CBK and CMA (and/or another authority designated by the Cabinet Secretary).
- Corporate form: applicants must be companies limited by shares (local or foreign registered under the Companies Act).
- Safeguards & conduct: client-asset protections, insurance, a Kenyan bank account, conflict-of-interest policies, and robust record-keeping. Regulators gain stronger inspection and enforcement powers.
- AML scope updated: alignment to AML/CFT/CPF standards.
- Scope clarity: certain virtual service tokens are carved out (where providers deal only in those tokens).
Why this matters for operators and partners:
Predictable licensing, clearer prudential expectations, and stronger consumer protections make it easier to work with banks, auditors, and international partners. If Kenya is in your 2026 roadmap, preparing now reduces execution risk.
My take:
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Confirm your eligible corporate form and local bank account path.
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Map requirements to your licensing pack (governance, capital/solvency if prescribed, disclosures).
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Tighten AML/CFT/CPF controls and incident response; document them.
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Put in place client-asset safeguards, insurance, and conflict-of-interest policies.
- Align privacy and record-keeping with inspection-ready evidence.