Bitcoin ATMs have appeared in major Nairobi malls just days after Kenya’s new crypto law took effect, prompting regulators to warn that no operator has been cleared to run digital-asset services in the country.
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Local media outlet Capital News reported that the machines, branded “Bankless Bitcoin,” have been spotted beside traditional bank ATMs in some of the country’s popular malls such as Two Rivers, in Westlands and along Ngong Road, giving shoppers access to cash-to-crypto services even as the country’s licensing regime remains incomplete.
Public Notice on the Virtual Assets Service Providers Act 2025 pic.twitter.com/suDoXIVWhN
— Central Bank of Kenya (@CBKKenya) November 18, 2025
Kenya began enforcing the Virtual Assets Service Providers Act on November 4, setting out a formal structure for licensing exchanges, custodial wallet providers and other crypto platforms.
Under the law, the Central Bank of Kenya will regulate payment and custody activities, while the Capital Markets Authority will supervise trading and investment services.
Regulators Say the Market Is Not Yet Licensed
However, the National Treasury has not yet issued the detailed regulations needed to activate the licensing process. In a joint notice on Tuesday, the CBK and CMA said no VASP has been approved, adding that any company claiming authorization is doing so illegally.
The regulators said licensing will begin only after the Treasury publishes the operational rules. Kenya's Virtual Assets Service Providers Act took effect on November 4, creating a licensing pathway for exchanges, wallet custodians and other digital-asset players.
Bitcoin ATMs pop up in Nairobi malls as Kenya’s new crypto law takes effect https://t.co/72WwZJHoBl pic.twitter.com/5v4Vg9QIBF
— Capital FM Kenya (@CapitalFMKenya) November 18, 2025
Under the law, the Central Bank of Kenya will supervise payment and custody functions while the Capital Markets Authority will oversee trading and investment activities.
Yet the framework remains incomplete. The National Treasury has not issued the detailed regulations required to initiate licensing. In a joint notice, the CBK and CMA stated that no crypto provider has been authorized to operate, warning that firms claiming approval are doing so illegally.
Bitcoin Climbs from Informal Settlements to High-End Malls
The sudden mall installations mark a shift from Bitcoin’s earlier presence in Kenya’s informal economy. In Kibera, Africa’s largest informal settlement, residents have used BTC for years as a workaround for documentation hurdles that block access to traditional banking.
Keep reading: Kenya's Legislators Pass Crypto Bill to Boost Investments and Oversight
Today, about 200 people in Soweto West, a village within Kibera, reportedly use Bitcoin. Some boda boda riders and small merchants accept payments through the Lightning Network, viewing it as faster and cheaper than mobile money.
Supporters see the spread of Bitcoin, from the backstreets of Kibera to malls like Two Rivers, Westlands and branches along Ngong Road, as evidence of a technology that offers open access to financial tools. But Bitcoin’s volatility and the sector’s unregulated history continue to raise alarms.
Until the Treasury issues the final regulations, the country sits in a holding pattern. Bitcoin ATMs stand beside traditional banking machines in upscale retail centers while unlicensed crypto payments move through Kibera’s informal economy.
This article was written by Jared Kirui at www.financemagnates.com.
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