Kenya lowers VASP capital hurdles, keeps tight control over stablecoins
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Kenya's gazetted VASP rules lower paid-up capital requirements for stablecoin issuers and intermediaries, but keep tight supervisory powers for the central bank, including ordering issuance/redemption halts and directing local platforms to restrict or delist stablecoins. Extraterritorial application increases compliance risk for offshore issuers serving Kenyan users. A blanket ban on yield and reward programs shifts competition toward payments and settlement utility, dampening stablecoin growth incentives locally.
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Kenya has published its Virtual Asset Service Provider (VASP) Regulations through Legal Notice 134, reducing the capital requirement for stablecoin issuers while keeping supervisory powers firmly in place.
Under the gazetted rules, stablecoin issuers must hold paid-up capital of Sh300 million (about $2.3 million), a 40% cut from the Sh500 million figure proposed in March. Wallet providers are set at Sh150 million, while exchanges will need Sh100 million.
Beyond the lower entry thresholds, the framework remains restrictive. The Central Bank of Kenya (CBK) can order an issuer to stop issuance or redemption, and can instruct local exchanges and wallet providers to restrict, suspend, or delist a stablecoin entirely. The provisions are designed to reach offshore issuers indirectly, as the rules apply extraterritorially to any platform serving Kenyan users.
The regulations also prohibit yield, including loyalty and holding rewards, leaving issuers to compete primarily on settlement features.
