肯尼亞的比特幣和加密貨幣前沿：應對新的 VASP 法

肯尼亞新的 VASP 法重塑了數字資產格局，向中介機構發放許可，但保護自我託管。這對比特幣和加密貨幣用戶意味著什麼？

Kenya is stepping into a new era for Bitcoin and cryptocurrency with the Virtual Asset Service Providers (VASP) law. This legislation is poised to reshape how digital assets are handled in the country, creating both opportunities and challenges for users and businesses alike.

通過虛擬資產服務提供商（VASP）法，肯尼亞正在步入比特幣和加密貨幣的新時代。這項立法將重塑該國處理數字資產的方式，為用戶和企業創造機遇和挑戰。

Kenya's VASP Law: The Lay of the Land

肯尼亞的 VASP 法：現狀

The VASP Act focuses on regulating services, not the tech itself. If you're holding your own keys, you're in the clear. But if you're running a crypto business dealing with customer assets – exchanges, custodians, and the like – you'll need a license. Think of it as a regulatory fence around businesses, leaving individual users to manage their own Bitcoin.

VASP 法案的重點是監管服務，而不是技術本身。如果你掌握著自己的鑰匙，那麼你就安全了。但如果您正在經營處理客戶資產的加密業務（交易所、託管人等），您將需要許可證。將其視為企業周圍的監管圍欄，讓個人用戶管理自己的比特幣。

Who's Watching? The Regulators

誰在看？監管機構

The Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) are the joint lead regulators. The CBK typically oversees payments, custody, and exchange functions, while the CMA handles token offerings and investment advice. The Treasury CS holds significant power to issue subsidiary regulations. Keep an eye on these subsidiary regulations, as they will determine the actual compliance burdens.

肯尼亞中央銀行（CBK）和資本市場管理局（CMA）是聯合牽頭監管機構。 CBK 通常負責監督支付、託管和交易職能，而 CMA 負責處理代幣發行和投資建議。財政部 CS 擁有頒布附屬法規的重要權力。請密切關注這些附屬法規，因為它們將決定實際的合規負擔。

What's In and What's Out?

什麼是進來的，什麼是出去的？

The law licenses intermediaries, it does not outlaw Bitcoin self-custody or peer-to-peer use.

法律許可中介機構，但並不禁止比特幣自我託管或點對點使用。

What's Regulated:

監管內容：

• Exchanges & Trading Platforms
• Custody & Wallet Providers
• Investment Advisors & Managers
• Token Issuance & Tokenization

What's Not Regulated:

不受監管的內容：

• Self-custody
• P2P transactions
• Virtual Service Tokens (utility tokens within a closed ecosystem)

The Good, the Not-So-Good, and the Potential

好的、不太好的和潛力

Here's a balanced view of what the VASP Act brings to the table:

以下是對 VASP 法案帶來的影響的平衡看法：

Potential Pros:

潛在的優點：

• Legal Clarity: Institutions now have a rulebook to engage with digital assets.
• Consumer Safeguards: Measures to reduce risk and offer recourse mechanisms.
• Tax Clean-Up: The excise duty on VASP fees is much friendlier for savers and long-term holders.
• Tokenization Pathway: Clear CMA oversight unlocks capital-markets pilots.

Real Cons:

真正的缺點：

• Gatekeeping: High compliance costs could lock out smaller players.
• Surveillance Creep: Strict KYC laws raise privacy risks.
• Category Error: Lumping Bitcoin with other