Stablecoin

2024

United

Passage

<a href="https://bitcoinworld.co.in/kenya-blockchain-association-launches-first-vasp-draft/" title="Kenya Blockchain Association Launches First VASP Draft" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Kenya Blockchain Association has launched a VASP Bill, shaping the nation’s digital assets.</li>
 <li style="font-weight: 400">Passage of the VASP Bill could position Kenya as a leading digital asset hub in Africa.</li>
</ul>
The Blockchain Association of Kenya (BAK) is making progress in shaping Kenya’s digital asset industry with the launch of the country’s first-ever community-led Virtual Assets Service Provider (VASP) draft Bill.
Published on January 22, 2024, the <a href="https://x.com/ITWebAfrica/status/1754828673159512538?s=20" rel="noopener noreferrer nofollow">draft</a> Bill is open for public review, marking a crucial milestone in BAK’s efforts to regulate crypto assets in Kenya.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The Blockchain Association of Kenya (BAK) has released the country's first draft Virtual Assets Service Provider (VASP) Bill for Kenya's digital asset market. <a href="https://twitter.com/hashtag/Blockchain?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Blockchain</a> <a href="https://twitter.com/hashtag/law?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#law</a> <a href="https://t.co/mWVH7a1na3" rel="noopener noreferrer nofollow">https://t.co/mWVH7a1na3</a>
 — ITWeb Africa (@ITWebAfrica) <a href="https://twitter.com/ITWebAfrica/status/1754828673159512538?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 6, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Since its release, the Bill has received contributions, feedback, and critique from members of BAK’s digital asset community, demonstrating interest and engagement in the regulatory process.
According to Michael Kimani, Founder and Chairman of BAK, the introduction of the VASP Bill represents a realization of the organization’s vision of establishing Kenya as a digital asset hub.&nbsp;
Kimani emphasized the importance of addressing industry, consumer, and regulatory concerns through the proposed licensing framework, consumer protection measures, and regulatory sandbox included in the Bill.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/argentina-tops-latin-america-in-stablecoin-purchases-and-holdings/" aria-label="“Argentina Tops Latin America in Stablecoin Purchases and Holdings” (Edit)" rel="noopener noreferrer nofollow">Argentina Tops Latin America in Stablecoin Purchases and Holdings</a>
BAK extended an invitation to stakeholders from Kenya, Africa, and beyond to review and provide feedback on the draft Bill before February 7.&nbsp;
The organization plans to incorporate this feedback into the next iteration of the Bill, which will be submitted to the National Assembly’s Departmental Committee on Finance and National Planning by February 14.
Allan Kakai, BAK’s Director of Public Policy and Regulatory Affairs, highlighted the importance of collaboration between legal professionals, regulatory authorities, and industry players to maneuver the regulatory challenges of digital assets effectively.&nbsp;
BAK aims to promote innovation and growth within the blockchain.
Paul Gachora, CEO and Co-founder of BAK emphasized the potential of digital assets and blockchain technology for Kenya’s economic development.&nbsp;
Gachora underscored the goal of attracting $1 billion in foreign direct investments to various sectors by 2027 through leveraging digital assets.
The draft VASP Bill represents the culmination of months of collaborative efforts within the digital asset community.&nbsp;
If passed, the Bill has the potential to position Kenya as a leading digital asset hub in Africa, attracting investment and generating tax revenues for the National Treasury.
Regulation of digital assets has been a topic of debate globally, with countries like the United States, Hong Kong, and Singapore implementing regulatory frameworks to address perceived risks associated with the industry.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/russian-police-shut-down-two-crypto-mining-centers-took-down-400-mining-rigs/" aria-label="“Russian Police Shut Down Two Crypto Mining Centers, Took Down 400+ Mining Rigs” (Edit)" rel="noopener noreferrer nofollow">Russian Police Shut Down Two Crypto Mining Centers, Took Down 400+ Mining Rigs</a>
In Africa, countries such as Nigeria and South Africa have already enacted regulations to manage digital assets and mitigate risks like money laundering.
The draft VASP Bill presents an opportunity for Kenya to assert its position in the digital asset.&nbsp;
Stakeholders are encouraged to participate in the review process and contribute to ongoing developments in digital asset regulation.&nbsp;
The next steps involve submitting a report to accompany the Bill to parliament and launching a pilot project to demonstrate the potential of digital assets in supporting Kenya’s economic recovery efforts.
<blockquote>
 Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
</blockquote>
&nbsp;
#Binance #WRITE2EARN
&nbsp;
The post <a href="https://bitcoinworld.co.in/kenya-blockchain-association-launches-first-vasp-draft/" rel="noopener noreferrer nofollow">Kenya Blockchain Association Launches First VASP Draft</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Kenya Blockchain Association Launches First VASP Draft

ItsBitcoinWorld

Other articles published on Feb 13, 2024

Franklin Templeton Latest Firm to File for Spot Ethereum ETF

Options Data is Out: Bulls Focus on Surprise Price in Bitcoin for June

Long squeeze alert for this week: 2 cryptos that could crash

Why This Crypto Whale Sold $8.78 Million Worth of Ethereum (ETH)

Insights on Dogecoin (DOGE) Price Movement and Predictions

Ethereum Staking Frenzy Gains Momentum

Join our free newsletter for daily crypto updates!