Kenya’s VASP Bill Sparks Fears of Binance-Backed Monopoly
Kenya's proposed virtual asset service providers (VASP) Bill raises concerns among crypto startups about potential undue influence from the Virtual Asset Chamber of Commerce (VAC), linked to Binance. Critics argue VAC lacks independence and acts as a proxy for Binance, which reportedly pays VAC $6,000 monthly for policy advocacy. Stakeholders fear this could skew regulations in favor of Binance, harming local competitors. VAC's director defended its inclusion in the regulatory board, citing a history of consultations with key financial institutions. The new regulatory body will also include representatives from the National Treasury, Central Bank of Kenya, and Capital Markets Authority. Binance has been expanding its global government ties, advising on crypto policies and infrastructure in various countries.
