Binance, Luno, Yellow Card, others seek Kenyan crypto licences under new rules
The licencing push marks a significant shift for Kenya’s digital asset industry, which has operated in uncertainty for years, despite being one of Africa’s largest crypto markets. The new Virtual Asset Service Provider (VASP) framework places exchanges, wallet providers, payment processors, and other digital asset firms under formal oversight by the Capital Markets Authority (CMA) and the Central…
Global and Africa-focused crypto firms, including Binance, Kotani Pay, VALR, Yellow Card, and Luno, are applying for virtual asset licences in Kenya following the country's gazettement of new crypto rules on July 24, 2024. The new Virtual Asset Service Provider (VASP) framework places exchanges, wallet providers, payment processors, and other digital asset firms under formal oversight by the Capital Markets Authority (CMA) and the Central Bank of Kenya (CBK), making Kenya one of the few African countries with a dedicated crypto licencing regime.
The framework introduces paid-up capital requirements, with the highest threshold at KES 300 million ($2.3 million) for stablecoin issuers, setting the compliance bar for firms seeking to operate in Kenya's regulated crypto market.
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