The Crypto Bill : Is the game getting rigged?

A new crypto law is making its way through Parliament. However, beneath the promise of regulation lies a quieter story of influence, lobbying, and a Binance-linked group now poised to help shape the rules

I am Brian from The Kenyan Wall Street and this is today's edition of our daily newsletter…

🪙 The VASP Bill : Is the Game about to get rigged? 

By Brian Nzomo

Kenya is on the verge of passing a landmark crypto law, but some startups say the bill hands the keys to a Binance-linked lobby group. The Virtual Asset Chamber of Commerce, a private firm under a paid policy retainer with Binance, has quietly secured a seat on the proposed regulatory board, alongside the Central Bank and Treasury.

Some stakeholders are calling it a conflict of interest masquerading as industry representation, warning that global giants are slated to rig the rules through backchannels and policy proxies. Parliament has adopted over 90% of VAC’s proposals, raising fears that Kenya’s digital asset regime is being written by the very players it’s meant to regulate. Supporters say it’s recognition of two years of hard work; critics say it is a blueprint for soft capture. Read full article here »»»»»

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📈 The President’s Signature : Rewriting the Fiscal Playbook 

By Fred Obura

In a far-reaching move, the government has redefined its fiscal landscape with a Finance Act that shifts the burden subtly, from gambling deposits to crypto profits, while offering modest tax reliefs for workers and retirees. Buried in the fine print is a 10% fee on virtual asset services, a signal that the government is no longer treating digital finance as fringe economics.

The excise duty on betting now targets deposits rather than wagers, a behavioral nudge masked as moral budgeting. Agriculture and healthcare have been richly funded, with coffee farmers gaining a debt reprieve while cancer centers get a long-overdue boost.

But the real story is the government's quiet centralization of economic control, tied neatly with incentives in tea packaging, telecom spectrum, and mosquito repellent imports. Kenya’s fiscal imagination this year is less about austerity and more about subtle calibration; a nod to both market realities and political pressure. Read it here >>>>>

Capital Markets

💡 Powering Up the Stock Market 

By Harry Njuguna

Kenya Power and KenGen, long written off as sluggish state behemoths, have staged a dramatic return to the spotlight, leading a market rally with gains that border on the surreal.

KPLC’s surge over the past year defies both balance sheets and memory, stirring more retail hope than institutional conviction. All four NSE indices are now in double-digit territory, their charts pointing up like they’ve forgotten the past decade. The rally has brought investor wealth to KSh 2.34 trillion — a milestone that feels as precarious as it is impressive. It’s a bull market, yes, but one that flickers like a loose connection. Read it here »»»»»

NSE Gainers & Losers 

Insight 

How Kenyan Investors Are Rethinking Wealth

By Fred Obura 

In a market battered by uncertainty and ambition alike, Kenyan investors are finding new confidence in the old wisdom of diversification. From gated apartments to government-backed money markets, asset classes are no longer just products, they are stable lifeboats. The Kenyan Wall Street gathered three of the sharpest minds in local finance to unpack what’s working, what’s shifting, and where to find resilience amid risk. This isn’t just about chasing returns; it’s about building a portfolio that can survive both a market crash and a morning commute. If you’ve ever wondered what the smart money is doing behind closed doors, read the article here »»»»»

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