The Virtual Asset Service Providers Act, 2025

PART I – PRELIMINARY

This Act may be cited as the Virtual Asset Service Providers Act, 2025.

[... The document continues with definitions (Section 2), the object of the Act (Section 3), and application (Section 4) ...]

PART II – DESIGNATION OF REGULATORY AUTHORITIES

The following entities shall be the relevant regulatory authorities for the purposes of this Act—
(a) the Capital Markets Authority established under section 5 of the Capital Markets Act; (b) the Central Bank of Kenya established under Article 231(1) of the Constitution; or (c) any other public body established under a written law that the Cabinet Secretary may, by notice in the Kenya Gazette, designate as such.

[... The document proceeds through sections detailing Licensing Requirements (Part III), General Obligations (Part IV), AML/CFT/CPF Prevention (Part V), Virtual Asset Offerings (Part VI), Investigations (Part VII), Enforcement Actions (Part VIII), Miscellaneous Provisions (Part IX), and Delegated Powers (Part X) ...]

FIRST SCHEDULE

VIRTUAL ASSET ACTIVITIES

Types	Functions	Description	Responsible Relevant Regulatory Authority
Virtual Asset Wallet Provider	Custodial wallet/services	Services provided by a third party for private key management.	Central Bank of Kenya
Virtual Asset Exchange	Transfer and conversion services	Digital platform facilitating transfers and exchanges.	Capital Markets Authority
Virtual Asset Exchange	Trading, clearing and settlement platforms	Facilitation of sale/trading of virtual assets.	Capital Markets Authority
Virtual Asset Payment Processor	Payment gateway	Arranging transactions involving virtual assets and fiat.	Central Bank of Kenya
Virtual Asset Broker	Brokerage services	Facilitating exchanges on behalf of clients.	Capital Markets Authority
Virtual Assets Investment Advisor	Investment advisory services	Providing advice on virtual assets and offerings.	Capital Markets Authority
Virtual Asset Manager	Virtual asset management	Portfolio management on a discretionary basis.	Capital Markets Authority
Virtual Asset Offering Provider	Initial Coin Offering	Issuing and selling virtual assets to the public.	Capital Markets Authority
Virtual Asset Offering Provider	Virtual Asset Tokenization	Converting real-world assets into digital tokens.	Capital Markets Authority
Virtual Asset Offering Provider	Token Issuance Platform	Provision of platform for issuance and secondary trading.	Capital Markets Authority
Virtual Asset Offering Provider	Stablecoin Issuance	Creation and management of approved stablecoins.	Central Bank of Kenya

SECOND SCHEDULE

CONSEQUENTIAL AMENDMENTS

[... Includes amendments to the Proceeds of Crime and Anti-Money Laundering Act, Capital Markets Act, Central Bank of Kenya Act, and National Payment System Act ...]