肯尼亚的比特币和加密货币格局：应对新的 VASP 法

肯尼亚新的 VASP 法正在重塑比特币和加密货币。它侧重于商业中介机构，而不是个人用户，具有重大影响。

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.

由于新通过的虚拟资产服务提供商（VASP）法，肯尼亚的数字资产领域正在蓬勃发展。这不是混战，但也不是禁令。这是内幕。

What the VASP Law Actually Does

VASP 法的实际作用

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.

忘记全面禁令。该法律针对的是处理客户加密货币的公司——交易所、托管机构等。可以将其视为在处理他人比特币的企业周围建立围栏，让普通人在监管区域之外做自己的事情。自我托管和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.

那么，谁处于最热门的位置呢？任何在肯尼亚注册的公司（或合规的外国公司），提供交易、托管、投资建议或代币发行等服务。肯尼亚中央银行 (CBK) 和资本市场管理局 (CMA) 是该镇的联合治安官，确保每个人都遵守规则。

What's Regulated? The Nitty-Gritty

受什么监管？实质内容

• 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.

每项活动都附带义务：许可证、资本要求、AML/KYC 合规性、网络安全措施，整个九个码。监管机构希望全面实现银行级合规。

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

什么是“不受监管”的？自由战士欢呼吧！

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

好消息？法律并未禁止以下行为或要求获得许可：

• 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.

只要您经营的业务不属于受监管的活动范围，您就是黄金。但要小心——习惯性地为公众进行交易可能会让你陷入无证经纪商的境地。

The Good, the Bad, and the Crypto

好的、坏的和加密货币

Potential Upsides:

潜在的好处：

• 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:

潜在的缺点：

• 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