• Bitcoin ATMs branded “Bankless Bitcoin” have appeared in major Nairobi malls just days after Kenya’s VASP Act came into force.
• Regulators CBK and CMA warn that no Virtual Asset Service Provider (VASP) is yet licensed under the new law, making current operators potentially illegal.
• The ATMs’ arrival signals tension between formal regulation and a still-vibrant informal crypto economy in Kenya.

Bitcoin (BTC) ATMs have started appearing in high-profile shopping malls around the country’s capital, just days after Kenya’s first formal crypto regulation came into effect. Raising red flags for regulators and setting off a debate on agreement in the nascent legal framework.

New ATMs Hit Mainstream Retail Spaces

Reports say that “Bankless Bitcoin” kiosks have been installed in major shopping centers, including Two Rivers Mall, among other places in Westlands, for cash-to-crypto services. These machines allow users to buy and sell Bitcoin directly, placing the machines side-by-side with traditional banking ATMs. Jarring Timing: Implementation of Kenya’s ‘Virtual Asset Service Providers Act 2025’.

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Regulatory Warning: No Licenses Granted Yet

Yet despite the growing visibility of crypto infrastructure, Kenyan regulators have issued a stern warning. To date, no VASP has been licensed under the new law.

In a joint notice, the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) clarified that the necessary licensing regulations are still being developed by the National Treasury, adding that operation without a license remains illegal.

Crypto’s Dual Face: Informal & Formal Worlds Collide

The ATM rollout underlines an increasing tension between Kenya’s growing, informal crypto economy and its new, regulated future.

Around neighborhoods like Kibera, Bitcoin (BTC) has long been used informally. Examples include a local fintech firm named Afribit Africa, which paid community workers in BTC. It allowed savings and value storage outside formal banking.

For many residents, BTC represents financial inclusion and freedom, most especially in a place where formal banking access can be limited.

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