Kenya’s new crypto law faces stress test as Bitcoin ATMs appear in malls
Kenyan regulators say no crypto firms are licensed under the new VASP Act and warn that providers claiming approval are doing so illegally.
Bitcoin ATMs were spotted across major shopping malls in Nairobi days after Kenya implemented its first comprehensive cryptocurrency law, creating an immediate stress test for regulators who claim that no crypto provider is yet authorized to operate.
Local media outlet Capital News reported that several major malls across Nairobi had new machines branded “Bankless Bitcoin” installed beside traditional banking kiosks, offering cash-to-crypto services to the locals.
This isn’t the first time Kenya has seen Bitcoin ATMs. In 2018, The East African reported that ATM provider BitClub installed Bitcoin ATMs in Nairobi, although adoption remained minimal and the devices did not reach mainstream retail spaces.