The Kenya VASP bill is poor execution on a bad idea.
It’s a gift to rent seekers and a blow to innovation that punishes startups with red tape.
Loose definitions of virtual “assets” and “tokens” increase uncertainty and allows regulatory overreach.
They’d be better off just defining bitcoin vs other cryptocurrencies as commodity vs securities and letting the already existing Capital Markets Authority deal with it.
PDF of the bill:
📄.pdf
