Bitcoin.
The Virtual Assets Chamber of Commerce (VACC) has expressed strong support for the proposed Virtual Asset Service Provider (VASP) Bill, 2025, describing it as a crucial step toward establishing a safer and more robust digital asset environment in Kenya.
The bill, which aims to regulate the licensing, compliance, and registration of crypto platforms, could mark a turning point for the country’s blockchain economy.
VACC Chair Tony Olendo said the absence of legal clarity has discouraged mainstream adoption.
“Kenya is ready for crypto. The only missing piece is regulatory certainty,” Olendo noted, adding that even banks have shown signs of readiness to accommodate digital assets.
Dominic Mulinda, Chief Product Officer at Honey Coin, also underscored the importance of a framework to curb fraud and phishing, calling the bill a “much-needed anchor” for the fast-evolving ecosystem.
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Recent reports show that 8.5 percent of Kenyans roughly 4.25 million people hold cryptocurrency, according to the 2025 UNCTAD report. Yet Kenya still trails behind other African nations in adoption, ranking 28th globally.
Sub-Saharan Africa leads in decentralized finance (DeFi) usage, largely due to the role of crypto in remittances, hedging against inflation, and business transactions.
Stablecoins now account for 43 percent of the region’s transaction volume. Industry insiders say that if passed, the VASP Bill could accelerate crypto integration into services like M-Pesa and fuel innovations such as the Kenya Digital Exchange and tokenized assets on the Nairobi Securities Exchange.
