Kenya: President signed Virtual Asset Service Providers Bill 2025 including authorisation requirement for virtual asset offerings into law

On 15 October 2025, the President of Kenya signed the Virtual Asset Service Providers Act 2025 (Act No. 20 of 2025) into law. Section 34 of the Act prohibits any person from issuing or purporting to issue a virtual asset offering in or from Kenya, or seeking the admission of such an asset to trading on a virtual asset trading platform, unless the issuance has been approved by the relevant regulatory authority. Natural persons are expressly ineligible to promote or issue a virtual asset offering in or from Kenya. Applicants must submit an application in compliance with requirements prescribed by the relevant regulatory authority and may proceed only after receiving written notification of no objection. The relevant regulatory authority may object to or impose post-issuance requirements where the manner of advertisement is inconsistent with the application, the description of the virtual asset offering materially deviates from the application, or the issuance is undertaken in a manner detrimental to the public interest. A person who contravenes these requirements commits a criminal offence and is liable, upon conviction, to a fine not exceeding KES 10 million or imprisonment for a term not exceeding 5 years, or both, in the case of an individual, and to a fine not exceeding KES 25 million in the case of a company.