Just days after Kenya implemented its first comprehensive cryptocurrency law, Bitcoin ATMs have appeared in major shopping malls in Nairobi, immediately putting pressure on regulators who claim that no cryptocurrency providers have been authorized to operate.
Local media Capital News reported that several large malls in Nairobi have installed new machines branded "Bankless Bitcoin" next to traditional bank service kiosks, providing locals with cash-to-cryptocurrency exchange services.
This is not the first time Bitcoin ATMs have appeared in Kenya. In 2018, The East African reported that ATM provider BitClub installed Bitcoin ATMs in Nairobi, although adoption rates remained low and these devices did not enter mainstream retail spaces.
According to CoinATMradar, there are currently only two reported Bitcoin ATMs in Kenya.
The arrival of the new Bitcoin ATMs comes just weeks after the enactment of Kenya's "2025 Virtual Asset Service Provider Act." On November 4, Kenya implemented its first formal licensing framework for wallet operators, exchanges, custodians, and other cryptocurrency platforms.
Under the new law, the Central Bank of Kenya (CBK) will be responsible for overseeing payment and custody functions, while the Capital Markets Authority (CMA) will regulate investment and trading activities.
Although the law has come into effect, the regulations required to initiate VASP licensing have not yet been published. This means that providers are currently operating without the necessary licenses.
In a joint notice released on Tuesday, the CBK and CMA stated that neither regulatory body has issued any licenses to VASPs operating within or from Kenya under the new law. The regulators warned that companies claiming to be authorized are operating illegally.
"Currently, the CBK and CMA have not issued any licenses to VASPs operating within or from Kenya under this Act," the Central Bank stated, adding that the national Treasury is developing and will release regulations to determine when licensing can begin.
This situation has created a mismatch. On one hand, visible cryptocurrency infrastructure is entering mainstream retail spaces, while regulators warn the public that no operators have the proper authorization.
This has raised questions about the enforcement and compliance of cryptocurrency businesses in the country.
The entry of Bitcoin ATMs into high-end malls marks the expansion of Kenya's informal cryptocurrency ecosystem, despite operating in a regulatory gray area.
Capital News reported that while Bitcoin ATMs have just begun to enter more upscale malls, the use of Bitcoin has thrived in low-income communities, such as Kibera, where people use BTC as a form of banking.
"In many cases, people in Kibera do not have the opportunity to secure their livelihoods through normal savings," said Ronnie Mdawida, co-founder of AfriBit Africa, to local media.
He stated that with Bitcoin, residents can hold value without documentation and banking paperwork, which he said is "financial freedom" for those living on $1 a day.
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Original article: “Kenya's New Cryptocurrency Law Faces Pressure Test as Bitcoin ATMs Appear in Malls”
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