The Twitter thread by Juliette Amboko discusses the Kenyan Capital Markets Authority's (CMA) proposed Crypto Assets Bill.
The bill focuses on defining digital assets and outlining the regulatory framework for the sector. The thread highlights the following key points:
- The bill defines digital assets, including crypto-assets, digital tokens, and stablecoins.
- The CMA will be the primary regulator of digital asset markets in Kenya.
- The CMA aims to ensure investor protection, market integrity, and financial stability.
- Issuers of digital tokens and stablecoins will be required to have a minimum capital of KES 50 million ($440,000).
- Crypto exchanges will need a minimum capital of KES 100 million ($880,000) and will be required to conduct yearly audits.
- Wallet providers, custodians, and other intermediaries will have their own set of capital requirements and rules to adhere to.
- The bill seeks to impose a 10% tax on the transfer of digital assets and includes anti-money laundering and counter-terrorism financing provisions.
Overall, the thread highlights the CMA's efforts to regulate the digital asset space in Kenya, aiming "to protect investors and ensure market stability".
What do you think about the situation in Kenya?
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