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Addressing gaps in Kenya’s virtual asset service provider Bill: A call for specificity
A high-profile fraud case has spotlighted gaps in Kenya’s proposed crypto regulations, raising fears of illicit flows and a return to the FATF greylist.
In January 2025, former Chairman of the Capital Markets Authority (CMA), Nick Nesbitt was sued charged for in a Sh102million fraud case by Vimal Shah, CEO of Bidco Africa.
Mr Nesbitt was accused of breach of an agreement to defrauding Shah the amounts by promising to convert Kenyan Shillings to US Dollars during the 2023 currency crisis but failing to deliver in full, only remitting $300,000 of the expected $745,000.
