As the usage of Virtual Assets (VAs) continues to gain momentum among Kenyans, the Ministry of National Treasury and Economic Planning has developed a comprehensive legal and regulatory framework to govern VAs and Virtual Asset Providers (VASPs) to ensure the safety and integrity of Kenya's financial system.
A VA is a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes.
The draft National Policy on VAs and VASPs Bill, 2024, will provide a framework for oversight and development of the VAs ecosystem.
The policy seeks to guide the development of a legal framework governing VAs and VASPs, promote a fair and efficient market for VAs and VASPs, ensure sound risk management for VAs and VASPs, and promote financial literacy and innovation on VAs and VASPs.
