Kenya Face Bill Sparks is afraid of a monopoly supported by Binance
Some of the startups for encryption raises concerns about the proposed virtual assets service law in Kenya (VASP), which warns that it may deliver influence to a group of lobby -related lobby, which may undermine fair competition in the country’s digital asset industry.
According to disclosure visual By Kenyan Wall Street, a special research tank called the Virtual Chamber of Commerce (VAC) will be included in the Organizational Council created under the draft law.
Some stakeholders in Chefir in Kenya claim that VAC has managed organizational talks sponsored by Binance, lacks independence and acts as an alternative to exchange.
“All the recently sponsored VAC caravans sponsored by Binance. Then VAC, a special consultant entity, with no competitor with Binance” magic “gets an organizational seat? How is this exhibition? How is this constitutional?” One of the stakeholders told the Kenny Wall Street newspaper.
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According to what was mentioned, Binance Fos is paid
The report claimed that Binance pays VAC 6000 dollars per country every month for political call, noting a secret agreement. This raises fears that the lobby group can distort the coding rules in Kenya for the benefit of local players on Binance and Midine.
According to what was reported, critics noticed the similarities with VAC’s reported attempts to include itself in the regulatory process of Rwanda.
“If an entity becomes a poor international reputation or an object that suffers from a clear conflict in interest is our encryption regulator, Kenya will never leave the European Union and the European Union,” he warned the owners of another interest.
In a comment on The Kenyan Wall Street, VAC Manager Basil Ugola defended the role of VAC, pointing to his two -year campaign of consultations with the International Monetary Fund (IMF), the Central Bank of Kenya (CBK) and parliament.
Ugola said: “The decision of the National Assembly to include Foster as a candidate in the Organization Council reflects the confidence and confidence that was built through this busy record of the purposeful participation.”
It is worth noting that the new organizational body in Kenya will also include representatives from the Ministry of National Treasury and the Central Bank in Kenya (CBK) and the capital of the Capital Markets (CMA), along with a lawyer and accountant.
Cointelegraph connects to Binance to comment but he did not receive a response by publishing.
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Binance deepens relations with governments worldwide
In May, Binance signed a Memorandum of Understanding (MO) with the National Investment Agency to provide infrastructure for encryption and Blockchain education in the country.
In an interview on April 17, CEO Richard Ting revealed that Binance is actively advised by many governments about building strategic Bitcoin reserves and formulating encryption policies.
“We have already received a large number of methods by a few governments and sovereign wealth funds to create their encryption reserves,” Ting said.
https://www.youtube.com/watch?
Earlier, on April 7, former CEO ChangPeng Zhao was appointed as a newly launched encryption council in Pakistan, which will supervise Blockchain initiatives and digital assets in the country.
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