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Why global cooperation is crucial for regulation of Kenya’s virtual assets
While virtual assets have heightened the need for cross-border cooperation, international regulatory collaboration is by no means new, having long been anchored in the International Organisation of Securities Commissions' (IOSCO) Multilateral Memorandum of Understanding (MMoU).
Virtual assets, including cryptocurrencies such as Bitcoin, stablecoins and Non-Fungible Tokens (NFTs), are digital representations of value that can be traded, transferred or used for payment or investment. Virtual Asset Service Providers (VASPs) support this ecosystem by offering exchange, custody, brokerage and transfer services.
Virtual assets have become an increasingly significant part of the global financial system, with cryptocurrency activity expanding across developed and emerging markets. According to Chainalysis' 2025 Geography of Cryptocurrency Report, Sub-Saharan Africa received more than $205 billion in on-chain cryptocurrency value between July 2024 and June 2025, making it the world's third-fastest-growing crypto region.
