Bitcoin ATMs branded “Bankless Bitcoin” have emerged in major Nairobi malls, including Two Rivers Mall and Westlands, marking a notable push to mainstream cryptocurrency services.
These kiosks enable people to buy and sell Bitcoin using cash in bustling retail spaces, attracting thousands daily.
Their arrival closely follows Kenya’s enactment of the Virtual Assets Service Providers Act, 2025, which became effective on November 4 and established a formal regulatory framework for virtual asset services.
New Law Sets Ground for Crypto Regulation, Oversight
The Central Bank of Kenya (CBK) and Capital Markets Authority (CMA) jointly announced that the law governs licensing, supervision, and regulation of Virtual Asset Service Providers (VASPs) operating locally.
It also imposes strict anti-money laundering and terrorism financing obligations on these providers.
However, no VASPs have yet been officially licensed, and any entity claiming otherwise is operating illegally.
The National Treasury is developing detailed regulations to activate the law’s provisions, which will formalize licensing for crypto exchanges, custodial wallets, and digital asset platforms.
Until then, the presence of Bitcoin ATMs suggests a transitional phase from unregulated crypto use to regulated operations in Kenya.
Crypto's Reach Extends from Kibera to Upscale Malls
Although Bitcoin's visibility in Nairobi has grown with these mall ATMs, digital currency has already been in circulation within informal settlements like Kibera for years.
Initiatives like Afrobit Africa’s Bitcoin grants since 2022 have empowered residents, such as garbage collectors, to receive payments in Bitcoin, circumventing traditional banking and mobile money barriers.
Residents and some merchants in Soweto West, a Kibera village, have adopted Bitcoin for daily transactions.
For example, a local participant prefers Bitcoin payments due to lower fees and greater reliability compared to Kenya’s dominant mobile money system, the commonest MPESA.
Global Bitcoin prices have surged nearly 1,000% over five years, fueling interest among investors and everyday users alike.
While volatility remains a concern, Kenya’s new law aims to bring clarity, protect consumers, and foster innovation in the digital asset space.