Crypto stakeholders call for supportive laws to protect traders amid rising adoption in Kenya

Speaking at the official launch of global cryptocurrency exchange firm Bitget operations in Kenya, industry leaders emphasized the need for comprehensive laws to address security risks and ensure fair trading practices.

 Bitget representatives voiced their support for the proposed cryptocurrency bill being advanced by the Blockchain Association of Kenya. The bill that is  still in its draft stage, aims to provide clear regulations for the crypto sector, combat fraud, and establish protections for users engaging in digital asset trading.

"Any laws that are coming into place are good for everyone. The bill currently being worked on by the Blockchain Association of Kenya is a good step toward ensuring that the rights and investments of users are protected. We are customer-first and user-first, and we believe in the importance of having a strong legal framework." said Munene Matendu, Marketing Manager for Bitget Africa.

With an increasing number of Kenyans venturing into cryptocurrency trading, the absence of solid regulations has left many vulnerable to scams and financial losses. 

"Regulation is key to ensuring a safe and fair market. For the sector to thrive, especially in Kenya where the youth are quick to adopt new technologies, we need rules that weed out unscrupulous players and ensure that only genuine, secure platforms operate." said Ikenga Mwakisha, Bitget's Regional Manager for Africa

However, despite such measures, Bitget and other players in the crypto ecosystem agree that stronger regulations from the government are essential for the long-term growth of the market. Many in the industry believe that regulatory clarity will not only protect traders but also attract more legitimate players to the space, reducing the risk of fraudulent schemes.

"One of the most important things for a trader to do is to ensure they are on a trusted platform. Bitget, for instance, has set aside $300 million to protect user deposits, which gives our traders peace of mind,” said James Mumo, a content creator in the cryptocurrency space

The proposed bill by the Blockchain Association of Kenya includes provisions for licensing of cryptocurrency exchanges, anti-money laundering policies, and measures to prevent market manipulation. If passed, it would offer a legal framework for the industry, addressing the key gaps that have previously left traders exposed to financial risks.