Kenyan Blockchain Association to Unveil Groundbreaking Draft of Country’s Crypto Regulation A Leap into the Crypto Frontier!

Introducing The Kenyan Blockchain Association's First Draft of Crypto Regulation for the Country

The Blockchain Association of Kenya (BAK) is taking the bull by the horns! They are on a mission to create the first-ever blockchain legislation in the country. It’s like they’re saying, “Move aside, everyone! Kenya is ready to join the cool kids’ club with proper rules and regulations!”

According to local media reports, the association had a powwow with the National Assembly Committee on Finance and National Planning. The meeting was all about discussing the future of digital assets regulation in the wake of recent developments. We can imagine the committee members sitting there, wide-eyed, intrigued by the wonders of the digital asset space.

“We got a call from parliament, [saying] yes, we’re interested in learning and exploring what the digital asset space has to offer; what are the policy challenges you are facing, and how can we work together to regulate this space?” shared the association.

Now, here’s the juicy part: the association has been given the green light to draft the bill! They are like the master chefs of legislation, mixing all the right ingredients to create a dish that pleases all the taste buds. And they better work fast because the legislative committee wants the draft in just two months. Talk about a tight deadline!

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The committee even bragged on Twitter that Kenya ranks third in terms of African adoption of digital assets. Impressive, right? Over $20 billion in transactions and a thriving ecosystem. Kenya is becoming the digital asset capital of Africa!

Allan Kakai, the legal and policy director of BAK, spilled the tea on what this move really means. He said, “Basically, we are telling Parliament: ’Look, Kenya has always branded itself as the Silicon Savannah; we are top three for digital assets [volume in Africa], and if we do not develop a clear licensing and regulatory framework, Nigeria, South Africa, Botswana, Namibia, Mauritius will take the lead…”

This is a milestone for Kenya! The blockchain association has been given the freedom to draft the industry’s regulations, instead of the parliament swooping in and making the law with little input. It’s like a David and Goliath situation, where the industry leaders have the chance to create laws that benefit everyone.

If things go as planned, Kenya will become the first country to pass a crypto bill written by industry leaders. This is a historical moment that could drive massive investment into the Kenyan market. But of course, some regulators might see it as a power delegation extravaganza. You win some, you lose some!

“For the first time, a parliamentary committee has directed an association or a stakeholder group to draft a parliamentary bill and bring it to parliament for adoption. This is very interesting because this has never happened with the Bank Association, this has never happened with the Fintech Association,” added Kakai.

The rules they’re cooking up will touch on taxation, licensing, consumer protection, and a regulatory sandbox. And the association isn’t new to this whole parliamentary experience. They’ve been there before, opposing the digital asset tax regime like brave warriors fighting for justice.

This second meeting is epic because it comes after the country’s World Coin suspension. It’s like Kenya is showing the world that they can face adversity head-on and bounce back stronger. And let’s not forget about the Finance Act and the adoption of a synthesis paper on digital assets by the G20 from the Financial Stability Board (FSB) and the International Monetary Fund (IMF). Kenya is making moves, baby!

So, fellow investors, buckle up! Kenya is on the path to becoming a digital asset powerhouse. Stay tuned for more updates on this exciting journey. Who knows, one day we might all be saying, “I was there when Kenya made its mark on the blockchain world!”

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