Binance, Luno, Yellow Card, others seek Kenyan crypto licences under new rules

Several prominent crypto firms, such as Binance, Kotani Pay, VALR, Yellow Card, and Luno, are preparing to apply for virtual asset service provider (VASP) licences in Kenya following the gazetting of new crypto rules on July 24, 2024. These firms aim to establish a regulatory presence in one of Africa's fastest-growing digital asset markets.

Kenya witnessed approximately $19 billion in crypto inflows between July 2024 and June 2025, marking a more than two-fold increase from $7 billion in the previous 12 months, according to blockchain analytics firm Chainalysis. The licensing push signifies a significant shift for Kenya's digital asset industry, which has previously operated in uncertainty despite being one of Africa's largest crypto markets.

The new Virtual Asset Service Provider (VASP) framework under the Capital Markets Authority (CMA) and the Central Bank of Kenya (CBK) places exchanges, wallet providers, payment processors, and other digital asset firms under formal oversight, introducing paid-up capital requirements and establishing requirements around governance, compliance, and reporting.

Companies like Yellow Card, VALR, Binance, Kotani Pay, and Luno have expressed their intention to seek these licences, emphasizing the importance of obtaining local authorization for long-term expansion and sustainability in Kenya's regulated crypto market.