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New rule caps virtual asset providers capital at Sh50m
Kenya was ranked as the world’s fifth-largest market by cryptocurrency transaction volumes underpinned by stablecoins, a type of cryptocurrency that is convertible into fiat currency on a 1:1 basis.
Providers of virtual assets such as cryptocurrencies will be required to maintain up to Sh50 million in paid up capital, as part of their licensing requirement as the government moves to legislate the buying and selling of digital assets in the country.
The capital requirements which also include reserves are to build safeguards for investors engaged in the trading of the assets.
