Some cryptographic startups raise concerns about the Kenya virtual asset service providers (VASP), warning that it could prohibit influence on a group of lobbies linked to binary, potentially undergoing fair competition in the country’s digital asset industry.
According to disclosure seen by Kenyan Wall Street, a private reflection group called the Virtual Asset Chamber of Trade (VAC) will be included in the Regulatory Council established under the bill.
Some stakeholders of the crypto in Kenya claim that the ACC has organized regulatory talks sponsored by the Binance, lacks independence and acts as an indicator of the exchange.
“All regulatory regulations by VAC which took place recently were sponsored by Binance. Then, Vac, a private advice entity, with non-competition with Binance “as if by magic” obtains a regulatory seat? How is it right? How is this Constitution? ” A stakeholder told Kenyan Wall Street.
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Binance would pay Vac
The report said Binance pays $ 6,000 VAC per country each month for policies advocacy, citing a confidential agreement. This raises fears that the Lobbies group can bias the rules of cryptography of Kenya in favor of Binance and local players of the sidelines.
Critics would also have noted similarities with Vac’s attempts to fit into the regulatory process of Rwanda.
“If an entity of poor international reputation or once with a clear conflict of interest becomes our cryptographic regulator, Kenya will never leave the Gaff and EU lists,” warned another stakeholder.
In a comment at Kenyan Wall Street, the Director of ACC, Basil Ogolla, defended the role of VAC, stressing his two -year consultation campaign with the International Monetary Fund (MFI), the Kenya Central Bank (CBK) and Parliament.
“The National Assembly’s decision to include VAC as a candidate within the regulatory board reflects confidence and confidence constructed thanks to this significant commitment assessment,” said Ogolla.
In particular, the new regulatory body in Kenya will also include representatives of the national treasury, the central bank of Kenya (CBK) and the Markets Authority (CMA) capital, as well as a lawyer and an accountant.
Cointelegraph stretched out Binance to comment but had not received an answer by publication.
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Binance deepens links with governments around the world
In May, Binance signed a memorandum of understanding (MOU) with the National Kyrgyzstan Agency for investments in order to introduce the cryptographic payment infrastructure and the education of blockchain in the country.
In an interview of April 17, CEO Richard Teng revealed that Binance actively advised several governments on the construction of Bitcoin strategic reserves and the development of cryptographic policies.
“We have in fact received a number of approaches by some governments and sovereign funds on the creation of their own cryptography reserves,” said Teng.
https://www.youtube.com/watch?v=WYE8XSMAU8C
Earlier, on April 7, the former CEO, Changpeng Zhao, was appointed advisor to the Crypto Council of Pakistan, which will supervise the initiatives of blockchain and digital active ingredients in the country.
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