Bitcoin ATMs have been spotted in major malls in Nairobi days after Kenya enacted its first comprehensive cryptocurrency law, creating an immediate stress test for regulators who say no crypto provider is yet authorized to operate.
Local Media Outlet Capital News reported That some major malls across Nairobi have new “Bankless Bitcoin” branded machines installed alongside traditional banking kiosks, offering cash-to-crypto services to locals.
This is not the first time Kenya has seen Bitcoin ATMs. In 2018, East Africa reported ATM provider BitClub has installed bitcoin ATMs in Nairobi, although adoption has remained minimal and the devices have not reached mainstream retail spaces.
Coinatmradar data indicating There are currently two reported Bitcoin ATMs in Kenya.
The arrival of the new bitcoin ATMs comes just weeks after Kenya’s Virtual Assets Service Provider 2025 came in effect. On November 4, Kenya implemented it First formal licensing framework For wallet operators, exchanges, custodians and other crypto platforms.
Under the new law, the Central Bank of Kenya (CBK) will be responsible for overseeing payment and custody functions. In contrast, the Capital Markets Authority (CMA) will regulate investment and trading activities.
Kenya’s central bank has warned that VASP is not yet licensed
While the law is in effect, the regulations necessary to begin licensing VASPs have not yet been issued. This means that providers are currently operating without the necessary licenses.
In a joint notice issued on Tuesday, CBK and CMA said the regulator will not license any VASP under the new laws to operate in or from Kenya. Regulators warn that companies claiming permission are doing so illegally.
“Currently, the CBK and CMA have not licensed any VASPs under the Act to operate in or from Kenya,” the Central Bank said, adding that the national Treasury has drawn up and will issue regulations that will determine when licensing can begin.
The situation creates a mismatch. On the one hand, visible crypto infrastructure is entering major retail spaces as regulators warn the public that no operator has the proper authorization.
This has raised questions about enforcement and the compliance of crypto businesses in the country.
Related: Efforts underway to digitize trade in Africa with blockchain, stablecoins
Bitcoin is from Kibera backstreets to shopping malls
The arrival of Bitcoin ATMs in high-end malls signals that Kenya’s informal crypto ecosystem is expanding despite operating in regulatory gray areas.
Capital News reports that while Bitcoin ATMs are just beginning to reach more malls, Bitcoin use has flourished in low-income neighborhoods, such as Kibera, where people use BTC as a form of banking.
“In many cases, people in Kibera do not have the opportunity to secure their lives with normal savings,” Africa co-founder Ronnie Mdawida told the local outlet.
He said that with Bitcoin, residents can hold value without documentation and banking work, which he said is “financial freedom” for people living on a dollar a day.
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