Kenyan authorities have confirmed that no crypto firms are licensed under the new Virtual Assets Service Providers (VASP) Act of 2025, warning that any company claiming approval is operating illegally.
The Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) issued a joint notice on Tuesday emphasizing that neither regulator has granted licenses for crypto exchanges, wallet providers, custodians, or other platforms.
Currently, CBK and CMA have not licensed any VASPs under the Act to operate in or from Kenya, noting that the National Treasury is developing regulations that will determine when licensing can begin.
Source: Central Bank of Kenya
Bitcoin ATMs appear in major Nairobi malls
Despite the regulatory warning, Bitcoin ATMs have been spotted across several shopping malls in Nairobi. Local outlet Capital News reported machines branded “Bankless Bitcoin” installed beside traditional banking kiosks, providing cash-to-crypto services to consumers.
This is not the first time Bitcoin ATMs have appeared in Kenya. In 2018, BitClub installed machines in Nairobi, though adoption remained limited and did not reach mainstream retail locations. According to CoinATMradar, there are currently only two reported Bitcoin ATMs in the country.
The new machines arrive just weeks after Kenya implemented its first formal licensing framework for wallet operators, exchanges, custodians, and other crypto platforms, creating an immediate test for regulators.
From kibera backstreets to upscale malls
The appearance of Bitcoin ATMs in high-end malls highlights how Kenya’s informal crypto ecosystem is expanding, even while operating in regulatory gray areas. In lower-income neighborhoods like Kibera, Bitcoin has already become a practical alternative to traditional banking.
In many cases, people in Kibera do not have an opportunity to secure their lives with normal savings, AfriBit Africa co-founder Ronnie Mdawida told Capital News. He added that Bitcoin allows residents to hold value without banking documentation, offering a measure of “financial freedom” for those living on a dollar a day.