The proposed Virtual Assets Regulatory Authority of Kenya (Varak), which is set to oversee the crypto industry, is facing headwinds as the industry lobby group plans to decline its allotted seat on the board — shortly after one of the regulators also requested to be left out of the joint body.
The government is banking on the establishment of a regulator for the crypto industry to enable it control the sector, combat illicit financial flows and bring income earned into the tax bracket.
