Kenya’s VASP Bill Sparks Concerns Over Binance Influence
- Kenya’s proposed virtual asset service providers (VASP) Bill includes the Virtual Asset Chamber of Commerce (VAC) on its regulatory board.
- Binance reportedly pays VAC $6,000 per country each month for policy advocacy, raising concerns about potential bias.
- Critics fear VAC’s inclusion could skew Kenya’s crypto regulations to favor Binance and disadvantage local players.
- VAC has been involved in consultations with the International Monetary Fund (IMF), Central Bank of Kenya (CBK), and Parliament over two years.
- The regulatory body will also include representatives from Kenya’s National Treasury, CBK, and Capital Markets Authority (CMA).
Concerns have arisen over Kenya’s VASP Bill as it may grant undue influence to a Binance-linked lobby group, potentially affecting fair competition in the digital asset market. The inclusion of VAC on the regulatory board is seen as controversial due to its financial ties with Binance.
With VAC reportedly receiving monthly payments from Binance for policy advocacy, stakeholders are worried that this could lead to biased regulations that favor larger entities like Binance at the expense of local crypto startups. (Source)
