肯尼亞的比特幣和加密貨幣格局：應對新的 VASP 法

肯尼亞新的 VASP 法正在重塑比特幣和加密貨幣。它側重於商業中介機構，而不是個人用戶，具有重大影響。

Kenya's digital asset space is buzzing thanks to the newly passed Virtual Asset Service Providers (VASP) law. It's not a free-for-all, but it's not a ban either. Here's the lowdown.

由於新通過的虛擬資產服務提供商（VASP）法，肯尼亞的數字資產領域正在蓬勃發展。這不是混戰，但也不是禁令。這是內幕。

What the VASP Law Actually Does

VASP 法的實際作用

Forget blanket bans. This law targets companies that handle customer crypto—exchanges, custodians, and the like. Think of it as building a fence around businesses dealing with other people's Bitcoin, leaving regular folks doing their own thing outside the regulatory zone. Self-custody and P2P transactions? Still in the clear.

忘記全面禁令。該法律針對的是處理客戶加密貨幣的公司——交易所、託管機構等。可以將其視為在處理他人比特幣的企業周圍建立圍欄，讓普通人在監管區域之外做自己的事情。自我託管和P2P交易？仍然清晰。

So, who's in the hot seat? Any Kenya-registered company (or a compliant foreign one) offering services like exchanges, custody, investment advice, or token issuance. The Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) are the joint sheriffs in town, making sure everyone plays by the rules.

那麼，誰處於最熱門的位置呢？任何在肯尼亞註冊的公司（或合規的外國公司），提供交易、託管、投資建議或代幣發行等服務。肯尼亞中央銀行 (CBK) 和資本市場管理局 (CMA) 是該鎮的聯合治安官，確保每個人都遵守規則。

What's Regulated? The Nitty-Gritty

受什麼監管？實質內容

• Exchanges & Trading Platforms: If you're facilitating fiat-to-crypto or crypto-to-crypto swaps, you're on the list.
• Custody & Wallet Providers: Holding client coins? Get ready for licensing, capital requirements, and audits.
• Investment Advisors & Managers: Giving advice on crypto portfolios? The regulators are watching.
• Token Issuance & Tokenization: Launching ICOs or tokenizing real-world assets? The CMA's got its eye on you.

Each of these activities comes with obligations: licenses, capital requirements, AML/KYC compliance, cybersecurity measures, the whole nine yards. Regulators want bank-grade compliance across the board.

每項活動都附帶義務：許可證、資本要求、AML/KYC 合規性、網絡安全措施，整個九個碼。監管機構希望全面實現銀行級合規。

What's *Not* Regulated? Freedom Fighters Rejoice!

什麼是“不受監管”的？自由戰士歡呼吧！

The good news? The law doesn't outlaw or require licenses for:

好消息？法律並未禁止以下行為或要求獲得許可：

• Holding your own keys.
• Transacting directly with another person.

As long as you're not running a business that falls under the regulated activities, you're golden. But be careful—habitually dealing for the public could land you in unlicensed broker territory.

只要您經營的業務不屬於受監管的活動範圍，您就是黃金。但要小心——習慣性地為公眾進行交易可能會讓你陷入無證經紀商的境地。

The Good, the Bad, and the Crypto

好的、壞的和加密貨幣

Potential Upsides:

潛在的好處：

• Legal Clarity: Institutions now have a rulebook, making it easier for them to get involved with digital assets.
• Consumer Safeguards: Rules reduce the risk of shady operators.
• Tax Cleanup: The dreaded 3% Digital Asset Tax is gone, replaced by excise duty on VASP fees. Much better for savers!
• Tokenization Pathway: Clear oversight unlocks opportunities for tokenized securities and real-world assets.

Potential Downsides:

潛在的缺點：

• Gatekeeping: High costs could lock out smaller players.
• Surveillance Creep: Strict KYC and data-sharing raise privacy concerns.
• Category Error: Treating Bitcoin like a generic