Overview
- Bright orange Bankless Bitcoin machines have been spotted beside bank ATMs at Two Rivers, in Westlands, and along Ngong Road, offering cash-to-crypto transactions.
- In a joint November 18 notice, the Central Bank of Kenya and the Capital Markets Authority said no Virtual Asset Service Provider has been approved and warned that claims of authorization are illegal.
- The Virtual Assets Service Providers Act took effect on November 4, but licensing cannot start until the National Treasury issues detailed regulations.
- Under the Act, the central bank oversees payment and custody functions while the markets regulator handles trading and investment activities, with strict AML/CFT obligations for VASPs.
- The retail rollout highlights a compliance gap and contrasts with earlier informal use in areas such as Kibera, where crypto activity predated mainstream mall installations and prior ATM deployments were limited.