Kenya lowers minimum paid-up capital requirement for stablecoin issuers by 40% to $2.32 million
Under the new regulations, the Central Bank of Kenya (CBK) will regulate stablecoin issuers and other virtual asset service providers and may require local platforms to halt the offering of offshore-issued tokens.
The framework requires at least 30% of customer funds to be held in independent trust accounts at Kenyan commercial banks, with the remaining funds to be invested in eligible local assets. Fiat-backed stablecoin reserves must match the pegged currency.
Issuers must maintain either $463,300 in liquid capital or 100% of liquid liabilities, whichever is higher, and hold qualified reserve assets on a 1:1 basis. Issuers are also required to conduct quarterly stress tests, submit monthly reserve and transaction reports, and ensure customers can redeem tokens at face value within two business days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ivy League’s space gamble: Harvard reveals $2.2 billions SpaceX position, its largest single stock holding
Harvard University Investment Management Company disclosed that it holds $2.2 billion worth of SpaceX shares, making it the largest single stock position in its $4.3 billion US equity portfolio. This holding originated from Harvard’s early investment in SpaceX through venture capital funds, and the position has significantly appreciated after SpaceX’s public listing in June this year. The University of California also disclosed a roughly $1 billion position in SpaceX during the same period. Over the past decade, endowment funds from several universities have made substantial bets on private tech assets.
Circle obtains Major Payment Institution license in Singapore
Crypto prices
More
