Kenya Advances Toward Digital Asset Hub Ambition With Virtual Assets Bill – Kenya Blockchain Association

The Blockchain Association of Kenya (BAK) is reportedly on the verge of launching a community-led draft bill, a significant stride towards its objective of transforming Kenya into a hub for digital assets. BAK has expressed its intention to integrate feedback from stakeholders into a revised draft. This updated version of the draft bill is due to be submitted to a Kenyan parliamentary committee by Feb. 14.

Making Kenya a Digital Asset Hub

According to a recent report, the Blockchain Association of Kenya (BAK) is on the verge of introducing a community-led draft bill for the nation’s digital asset industry. This bill, known as the Virtual Assets Service Provider Bill, was published on Jan. 22 and has already garnered feedback from the Kenyan cryptocurrency community.

Michael Kimani, the founder and chairman of BAK, praised the draft, stating that it brings the advocacy group one step closer to realizing its objective of making Kenya a hub for digital assets.

“Since our organisation was founded in 2017, we have dreamt to see Kenya elevate its status to a digital asset hub, alongside other jurisdictions like Singapore and Dubai,” the BAK founder reportedly said.

Regulator and Digital Asset Industry Collaboration

As per a report in the Star, the lobby group said it expects any stakeholder impacted by the draft to have shared or given their feedback by Feb. 7. This feedback is then incorporated into the revised draft which in turn must be delivered to the Kenyan National Assembly’s Departmental Committee on Finance and National Planning by Feb. 14.

Allan Kakai, the director of public policy and regulatory affairs for the lobby group, is quoted in the report praising the collaboration between regulators and participants in Kenya’s digital asset sector. He stated that the unification of these stakeholders ultimately ‘paves the way for innovation and growth in the blockchain ecosystem.’

In the meantime, Paul Gachora, the CEO of BAK, is quoted in the same report describing the Virtual Assets Service Provider Bill as the “culmination of months of collaborative work that commenced in April 2023.”