crypto regulation

Theo Mwangi, COO at Bitlipa on Crypto Regulation

Bitcoin is the first peer-to-peer (p2p) electronic cash transacted on a public network, it has paved way for a lot of other cryptocurrencies which have now sprung up in the last decade.

In the beginning, the complexity around it made it a geeks-only ecosystem, you needed a background in computer science or maths to join the club, however, that is no longer the case, right now, anyone can contribute to the Bitcoin ecosystem.

Traders trade it, miners mine, nodes are deployed, HODlers hold their coins and Bitcoiners even take it upon themselves to educate the masses.

When it comes to building products and applications in the Crypto space, you do not have to be a developer to contribute, graphic designers, marketers, legal compliance advisors, and administrators all have a part to play.

This brings us to crypto regulations which I think we are approaching all wrong, calling for the regulation of crypto makes no sense at all, it’s like calling for the regulation of the internet.

We can, however, regulate products being built for Crypto, and there is a legal framework already put in place for this.

Trading platforms should be regulated by, say, the CMA here in Kenya, p2p platforms should be under the remittance regulations, and custody services platforms under the CBK, I believe we can achieve more if we move the conversation in this direction.

Innovation will always come before regulations though, my advice to innovators is to keep building and implement self-regulation methods eg KYC, AML and work with limits set for their fiat gateways in the meantime, also run an honest business, and build trust with your customers.

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I am extremely excited for Africa and especially Kenya with blockchain-based solutions like Benkiko, Kukuza, honeycoin, BitLipa, and many others coming up really well.

Let’s keep building!

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Eric is just a nerd who loves to write about tech

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