Truth Behind Kenya’s Now-Withdrawn VASP Bill Exposed
Kenya’s VASP bill withdrawn after suspicious amendments threatened $100.7M crypto ecosystem with regulatory capture and monopolistic stablecoin controls. Muthoni Njogu identified governance gaps: insufficient board expertise standards, political appointment concentration, Virtual Assets Chamber of Commerce board seat conflict. Last-minute clause mandating fiat conversions exclusively through licensed Kenya Shilling stablecoin issuer sparked ecosystem manipulation fears. AfDB’s Adesina warns “state capture undermines growth” as East Africa (Tanzania, Uganda) watches Kenya’s regulatory integrity crisis.