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MPs agree to cut fines, penalties for cryptocurrency companies
In 2015 and 2022, CBK issued cautionary notices to financial institutions, warning against engaging with cryptocurrencies and stating that they are not recognised as legal tender.
Investors in the cryptocurrency market have scored big after successfully lobbying a House team to reduce the Sh10 million fine that was set to be imposed if MPs approve the Virtual Asset Service Providers Bill, 2025.
The State-backed Bill had proposed to impose fines of up to Sh10 million per infraction and prison time of up to five years for violators.
