The proposed penalties in the #VASPBill2025 are disproportionately high compared to those imposed on other financial institutions. For instance, operating a payment service provider without a license attracts a fine of 500,000 KES or a three-year prison term while VASPs get up to KES 30M and up to 10 years PER INFRACTION!

Excessive penalties could discourage innovation and the growth of the virtual asset sector, with investors and multinationals steering clear of the Kenyan market under such strict conditions @LawSocietyofKe
#VASPBill2025