Kenyan parliamentary committee proposes broadening definition of securities to include cryptocurrencies

The Kenyan parliamentary committee recently voted in favor of a bill that proposes to include cryptocurrencies in the definition of securities. The bill was initiated by Mosop MP Abraham Kirwa and is currently being submitted for a second reading in the Kenyan National Assembly. It is expected that lawmakers will debate and make further modifications during the third reading stage. Once the bill (called the "2023 Capital Markets (Amendment) Bill") is approved, it will be sent to the Kenyan president for approval. Committee member Kimani Kuria approved the bill and stated that regulating the cryptocurrency space is particularly important in a country with millions of users.