The rule requires that at least 30 percent of funds received by an exchange for stablecoins be held in accounts at commercial banks in Kenya.
By
Kepha Muiruri
Business Reporter
Nation Media Group
Virtual assets providers have clashed with the National Treasury over a proposal to keep 30 percent of funds raised from stablecoin issuances in local commercial banks.
Kenya's Treasury wants stablecoin issuers to hold 30% of reserves in local banks, sparking a standoff with crypto leaders.
International crypto exchanges wishing to continue serving Kenyans will need to comply with local licensing requirements.
Kenya's new crypto rules could compel exchanges to delist foreign stablecoins whose issuers are not licenced in the country.
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This is expected to discourage their use as interest-earning assets, which would risk a bank run.
