肯尼亚的比特币和加密货币前沿：应对新的 VASP 法

肯尼亚新的 VASP 法重塑了数字资产格局，向中介机构发放许可，但保护自我托管。这对比特币和加密货币用户意味着什么？

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.

通过虚拟资产服务提供商（VASP）法，肯尼亚正在步入比特币和加密货币的新时代。这项立法将重塑该国处理数字资产的方式，为用户和企业创造机遇和挑战。

Kenya's VASP Law: The Lay of the Land

肯尼亚的 VASP 法：现状

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 法案的重点是监管服务，而不是技术本身。如果你掌握着自己的钥匙，那么你就安全了。但如果您正在经营处理客户资产的加密业务（交易所、托管人等），您将需要许可证。将其视为企业周围的监管围栏，让个人用户管理自己的比特币。

Who's Watching? The Regulators

谁在看？监管机构

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.

肯尼亚中央银行（CBK）和资本市场管理局（CMA）是联合牵头监管机构。 CBK 通常负责监督支付、托管和交易职能，而 CMA 负责处理代币发行和投资建议。财政部 CS 拥有颁布附属法规的重要权力。请密切关注这些附属法规，因为它们将决定实际的合规负担。

What's In and What's Out?

什么是进来的，什么是出去的？

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

法律许可中介机构，但并不禁止比特币自我托管或点对点使用。

What's Regulated:

监管内容：

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

What's Not Regulated:

不受监管的内容：

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

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

好的、不太好的和潜力

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

以下是对 VASP 法案带来的影响的平衡看法：

Potential Pros:

潜在的优点：

• 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:

真正的缺点：

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