Africa gets to grips with crypto as Ghana and Kenya legislate
In recent weeks Kenya and Ghana have become the latest African countries to bring forward legislation and policy papers regulating the cryptocurrency industry, as more governments seek to get to grips with a new financial asset that over 43 million Africans now engage with.
In October, the Kenyan parliament passed the “Virtual Asset Service Providers (VASP) Bill,” putting in place clear legislation for the cryptocurrency industry for the first time. The bill defines a role for the country’s central bank in licencing stablecoins – a form of crypto that is designed to maintain a stable value by being pegged 1:1 against traditional currencies like the dollar – and other virtual assets.
Kenya’s Capital Markets Authority (CMA) has…
