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Kenyan crypto startups are raising alarms over a proposed bill that would grant the binance/?utm_source=CVJ.Ai&utm_medium=glossary&utm_id=CVJ.AI" target="_blank">Binance-linked Virtual Asset Chamber of Commerce (VAC) a formal role in the country’s digital asset regulatory body. Critics argue this could distort competition and give Binance undue influence over national crypto policy. The bill is currently under parliamentary review.
- Binance pays VAC $6,000/month per country for policy advocacy under a confidential agreement.
- Regulatory board would include VAC alongside Central Bank of Kenya and Treasury representatives.
- Similar VAC strategy reportedly used in Rwanda to influence crypto policymaking.
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