Treasury Wants Crypto Firms in Kenya to Appoint Local CEOs

The National Treasury proposes Virtual Asset Service Providers Bill, 2025, which would see crypto companies operating in Kenya establishing physical offices in the country. The bill, also proposes that the firms to appoint local CEOs who will require approval from either the Central Bank of Kenya or Capital Markets Authority.

The requirement, which primarily aims to protect customers and ensure financial stability, marks a departure from current regulations for online businesses and aligns with similar requirements in
other African countries like South Africa and Mauritius.

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The move follows a broader government push to require physical presence from foreign tech companies operating in Kenya, including recent directives to food delivery firms and social media companies.

While Kenya currently only subjects digital marketplace businesses to a three percent Significant Economic Presence tax without requiring physical offices, the new regulations would impose stricter compliance requirements on crypto firms, most of which currently operate without local offices or CEOs in Kenya.