Some cryptocurrency startups have expressed concerns about Kenya's proposed Virtual Asset Service Provider (VASP) bill, warning that the bill could grant excessive influence to lobbying groups associated with Binance, potentially undermining fair competition in the country's digital asset industry.
According to disclosure documents seen by the Kenya Wall Street, a private think tank named the Virtual Assets Chamber (VAC) will be included in the regulatory committee established under the draft law.
Some cryptocurrency stakeholders in Kenya claim that VAC has hosted regulatory discussions sponsored by Binance, lacking independence and acting as an agent for the exchange.
One stakeholder told the Kenya Wall Street, "All recent regulatory dialogues hosted by VAC have been sponsored by Binance. Then, as a private consulting entity with a non-compete agreement with Binance, VAC 'magically' gets a regulatory seat? How is this fair? How does this comply with the constitution?"
The report claims that Binance pays VAC $6,000 per month for policy advocacy in each country, citing a confidential agreement. This has raised concerns that the lobbying group may distort Kenya's crypto regulations to benefit Binance and marginalize local participants.
Critics have also reportedly pointed out similar practices by VAC attempting to insert itself into Rwanda's regulatory processes.
Another stakeholder warned, "If an internationally disreputable entity with clear conflicts of interest becomes our crypto regulator, Kenya will never escape the FATF and EU gray lists."
In a comment to the Kenya Wall Street Journal, VAC Director Basil Ogolla defended VAC's role, noting its two years of consultation activities with the International Monetary Fund (IMF), the Central Bank of Kenya (CBK), and Parliament.
Ogolla reportedly stated, "The National Assembly's decision to nominate VAC to the regulatory committee reflects the trust and confidence built through this meaningful engagement record."
Notably, Kenya's new regulatory body will also include representatives from the Treasury, the Central Bank of Kenya (CBK), and the Capital Markets Authority (CMA), as well as a lawyer and an accountant.
Cointelegraph reached out to Binance for comment but had not received a response by the time of publication.
In May, Binance signed a memorandum of understanding (MOU) with the Kyrgyzstan National Investment Agency to introduce cryptocurrency payment infrastructure and blockchain education in the country.
In an interview on April 17, CEO Richard Teng revealed that Binance is actively advising several governments on establishing strategic Bitcoin reserves and formulating crypto policies.
Teng stated, "We have actually received multiple inquiries from some governments and sovereign wealth funds about establishing their own crypto reserves."
Previously, on April 7, former CEO Zhao Changpeng was appointed as an advisor to Pakistan's newly established crypto committee, which will oversee the country's blockchain and digital asset initiatives.
Related: U.S. Senate Advances Crypto Bill | Hong Kong Releases Digital Asset 2.0 Policy
Original article: “Binance's Ties to Kenya's Crypto Committee Raise Monopoly Concerns”
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