Kenya / Licence categories / Stablecoin Issuer

Stablecoin Issuer

Stablecoin Issuer: licensed by the Central Bank of Kenya (CBK). Minimum paid-up capital KSh 300 million, licence fee KSh 2,000,000.

Regulator

Licensed by the CBK · checked 22 Oct 2026
Kenya has two licensing authorities; the First Schedule of the Act assigns each activity to one of them.

Regulator

Central Bank of Kenya (CBK), per the First Schedule of the Act. VASP Act 2025, First Schedule official

What it covers

Stablecoin issuance: creating and managing approved stablecoins. VASP Act 2025, First Schedule official

Minimum paid-up capital

KSh 300,000,000, held at licensing and at all times after; shareholder loans, borrowed money and revaluation reserves do not count (reg. 85(3) and (5)). VASP Regulations 2026, Fifth Schedule official

Liquid capital

KSh 60,000,000 or 100% of current liabilities for at least 30 days, whichever is higher. VASP Regulations 2026, Fifth Schedule official

Fees

Application fee KSh 100,000 (forfeited if the application is withdrawn, reg. 5(2)); licence fee KSh 2,000,000; annual renewal KSh 2,000,000 or 0.15% of gross turnover, whichever is higher. VASP Regulations 2026, First Schedule official

In practice

Issuing a stablecoin in or from Kenya is the most expensive licence, at KSh 300 million of paid-up capital and a KSh 2 million licence fee. The reserve has to sit largely in Kenya: at least 30% of funds in trust accounts at Kenyan commercial banks and the rest invested in Kenya. Because licensed exchanges may list only CBK-approved stablecoins from licensed issuers, this licence also decides which stablecoins Kenyan venues can offer.

Category-specific duties

• back every stablecoin at least 1:1 with reserve assets: cash, government securities of up to 90 days or repos of up to seven days (reg. 75)
• hold at least 30% of the funds received in trust accounts at commercial banks in Kenya and invest the rest in Kenya (reg. 77)
• redeem at par within two working days of a request (reg. 71(3)); a stablecoin sold for Kenya shillings must be redeemable in Kenya shillings (reg. 80(3))
• pay no interest to holders, including any benefit tied to how long a stablecoin is held (reg. 72)
• submit the white paper to the CBK for approval at least 90 days before publishing it (reg. 68(7))

VASP Regulations 2026, Parts III to IX official

Deadline for existing operators

Anyone already providing virtual asset services must comply with the Act within one year of its commencement on 4 November 2025 (s. 47), which by our calculation is 4 November 2026. The Regulations contain no further transition period. VASP Act 2025, s. 47 official

Register

The CBK must publish a register of the licences it issues (s. 17) and gazette each grant within 30 days (s. 10(7)). We found no published VASP register; the CMA licensee directory, checked 22 Oct 2026, has no virtual-asset category. CMA licensee directory official

Group

Stablecoins (Group)

Public statement

Not applicable: this page describes a licence category, not a firm.

Key Dates for This Category

• 4 Nov 2025The VASP Act 2025 commences; the activity needs a licence from the CBK (s. 8(2)). — new.kenyalaw.org official
• 22 Jul 2026The VASP Regulations 2026 (Legal Notice 134) set capital, fees and conduct rules for the category and open licensing. — cma.or.ke official
• 4 Nov 2026End of the one-year window for existing providers to comply (s. 47; date calculated by VASP Tracker). — new.kenyalaw.org official

Read More

• Kenya Crypto Licence Costs: KSh 100 Million for an Exchange, KSh 300 Million for a Stablecoin
• Kenya's Crypto Rules Reach Foreign Exchanges: Office, CEO and a Stablecoin Listing Ban

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