PANews reported on October 14th that according to Reuters, Kuria Kimani, Chairperson of the Kenyan National Assembly's Finance Committee, stated that Kenyan lawmakers passed the Virtual Asset Service Providers Bill last week to address concerns about the industry caused by a lack of clear regulations and to attract more investment into the field. President William Ruto now needs to sign the bill into law. The bill stipulates that the central bank will authorize the issuance of stablecoins and other virtual assets, while the capital markets regulator will issue licenses to institutions that wish to operate cryptocurrency exchanges and other trading platforms. Kimani said that the legal clarity is expected to attract more investment into the fintech sector, including from crypto exchanges such as Binance and Coinbase. Kimani also stated that Kenya's law draws on the proven practices of other countries such as the United States and the United Kingdom.