Kenyan Lawmakers Empower BAK to Advance Crypto Bill Draft

Kenyan Lawmakers Empower BAK to Advance Crypto Bill Draft

The Blockchain Association of Kenya (BAK), an East African lobby group, recently issued a statement proclaiming that the National Assembly’s Departmental Committee on Finance and National Planning has announced plans to authorize BAK to draft out a virtual asset service provider’s bill.

As per reports, a workshop was organized, targeting key aspects of how to jack up the Blockchain Association of Kenya. The agenda behind the workshop was to foster the development of a collaborative approach between the BAK and the national government to crack down on developing favorable policies for the digital assets realm. Furthermore, representatives from Yellow Card, BAK, Binance, Kotani Pay, and the Law Society of Kenya attended the workshop.

BAK Embarks On Drafting A Crypto Bill

According to the Blockchain Association of Kenya, some vital aspects to consider while drafting a crypto bill are licensing framework, tax framework, consumer protection framework, anti-money laundering and Counter-terrorism Financing, and lastly, a regulatory sandbox.

The lobby group also pointed toward previous data encompassing the usage and growth of digital assets, emphasizing the clear need for a regulatory framework within the country. Additionally, the group is also setting its sights on building up a regulatory framework similar to that of the European Union (EU) to foster a new round of ‘bringing in investment capital’ to the country.

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Allan Kakai On Kenya’s Crypto Landscape

According to Allan Kakai, legal and policy director at BAK, Kenya has always portrayed itself as the Silicon Savannah, considering Kenya ranks among the top three countries in Africa as of crypto volume. Moreover, a clear licensing policy along with a clear regulatory framework is much needed in the country, or else Kenya would be left far behind as compared to other African countries racing to achieve crypto regulation excellence, as stated by Kakai.

Kakai also emphasized how the parliamentary committee directed a stakeholder group to draft a parliamentary bill for the first time.

As per the time allotted by the Kenyan national government to the BAK, the upcoming bill to regulate cryptocurrencies is to be completed within the next two months.

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