Some Crypto startups have raised concerns with Kenya’s Virtual Asset Service Provider (Vasp) bill, which it warns to provide influence on a lobby -related group -related group, which potentially distracts fair competition in the country’s digital asset industry.
According to the disclosures seen Through Kenyan Wall Street, a private tank of thinking called the Virtual Asset Chamber of Commerce (VAC) will be included in the regulation of the board established under the draft law.
Some crypto stakeholders in Kenya say that the vacation runs regulatory conversations supported by Binance, independence and acts as a proxy for exchange.
“All the regulations of the vacation of vacation that have recently been sponsored by Binance. Then the vacation, a private consulting entity, with one who does not compete with Binance ‘magically’ getting a regulation of chair? How is it fair? How is this constitution?” A stakeholder told Kenyan Wall Street.
Related: Binance’s CZ suggests ‘work’ to distribute crypto in case of death
Binance has been reported paying a vacation
The report announced that Binance pays a vac $ 6,000 per month per month for policy advocacy, citing a confidential agreement. It raises the fear that the lobby team can market Kenya’s crypto policies to benefit Binance and Sideline local players.
Critics have also been reported to have mentioned the similarity to the VAC’s reported attempts to enter itself in the Rwanda regulation process.
“If a creature of a bad international reputation or the one with a clear conflict of interest becomes our crypto regulator, Kenya will never leave FATF and EU Greylists,” another stakeholder warned.
In a comment on Kenyan Wall Street, vac director Basil Ogolla defended VAC’s role, pointing out a two -year campaign of consultations with the International Monetary Fund (IMF), Central Bank of Kenya (CBK), and Parliament.
“The National Assembly’s decision to include vacation as a nominator in the board regulation reflects the confidence and confidence developed by this track record of significant relationships,” Ogolla reported.
Noteworthy, the new regulation that Kenya’s body will also include representatives from the National Treasury, the Central Bank of Kenya (CBK), and the Capital Markets Authority (CMA), along with an attorney and an accountant.
Cointelegraph handed Binance to comment but did not receive a response by publishing.
Related: Tigran Gambaryan formally resigned from Binance following the return of us
Binance deepens relationships with governments around the world
In May, Binance Signed a Understanding Memorandum (MOU) To the national agency of Kyrgyzstan for investments to introduce the crypto payment infrastructure and blockchain education in the country.
In an interview on April 17, CEO Richard Teng announced that Binance was actively advises some governments In the development of Strategic Bitcoin reserves and making crypto policies.
“We have actually received a large number of techniques of some governments and Sovereign wealth funds in establishing their own crypto reserves,” Teng said.
https://www.youtube.com/watch?v=wye8xsMau8C
Earlier, on April 7, former CEO Changpeng Zhao was Named a counselor in the newly launched Pakistan The Crypto Council, which will guard the country’s blockchain and digital asset initiatives.
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