Some Crypto Startups are concerned over Kenya’s proposed virtual asset service providers (VASP) bills, warning that it can affect a banned-linked lobby group by reducing fair competition in the country’s digital asset industry.

In revelation saw By Kenyai Wall Street, a private think tank called Virtual Asset Chamber of Commerce (VAC) will be included in the regulatory board established under the draft law.

Some Crypto stakeholders in Kenya claim that the VAC has run a connivance-contacts negotiations, lacks freedom and acts as a proxy for the exchange.

“All regulation has recently occurred by Convos, which has been sponsored by Benance. Then a private counseling unit, a private counseling unit with a non-perception, which is ‘magically’ a regulatory seat? How is it appropriate? How is it constitutional?” A stakeholder told Kenai Wall Street.

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The report claimed that Benance has paid $ 6,000 per country for policy advocacy, citing a confidential agreement. It is afraid that the lobby group may benefit the Crypto rules of Kenya and sideline local players.

Critics also reportedly mentioned equality with efforts to include herself in the regulatory process of Rwanda along with the reports of Vacu.

“If a unit of poor international reputation or a clear conflict of interest becomes our crypto regulator, Kenya will never leave FATF and EU Greylists,” another stakeholder warned.

In a comment by Kenyan Wall Street, VAC Director Basil Ogola defended the role of VAC, indicating a two -year campaign with the International Monetary Fund (IMF), Central Bank of Kenya (CBK) and Parliament.

“The decision of the National Assembly Decision to include VAC as a nominee in the regulatory board, reflects the trust and belief created through this track record of meaningful engagement,” said by Ogola.

In particular, the new regulatory body in Kenya will also include Representatives of the National Treasury, Central Bank of Kenya (CBK), and Capital Markets Authority (CMA), as well as a lawyer and an accountant.

Cointelegraph arrived for binance for comment, but did not receive a reaction by publication.

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In May, Binense Signed an MoU (MoU) Crypto payment in the country with the National Agency of Kyrgyzstan for investment to start infrastructure and blockchain education.

In an interview on 17 April, CEO Richard Teng revealed that Benance is Actively advising many governments On preparing strategic bitcoin stores and crypto policies.

“We have really received a lot of attitude on the establishment of our own crypto reserves by some governments and sovereign money funds,” Teng said.

https://www.youtube.com/watch?v=wye8xsmau8c

Earlier, on 7 April, former CEO Changpeng Jhao was Pakistan’s newly launched advisor named Crypto Council, which will oversee the country’s blockchain and digital asset initiative.

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