Treasury bows to pressure, cuts capital limit for crypto firms

Local traders are increasingly using stablecoins to pay for imports, while Kenyans in the diaspora are wiring money home using the tokens.

Photo credit: Pool

The Treasury has substantially cut its earlier proposed minimum capital for cryptocurrency firms by up to 40 percent, bowing to pressure amid warnings that steep charges would deter investments in the fast-rising segment.

New regulations published by Treasury Cabinet Secretary John Mbadi show that cryptocurrency operators are required to have a minimum paid-up capital of up to Sh300 million, marking a significant reduction from the earlier proposed limit of Sh500 million.

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