Kenya could become the first country to have its crypto regulations drafted by industry representatives. The Blockchain Association of Kenya (BAK) has been directed by the National Assembly's Departmental Committee on Finance and National Planning to prepare the first draft of a potential virtual asset service provider's bill. The Committee has given BAK two months to complete the draft. This comes after Kenya introduced the Financial Act 2023, which requires crypto exchanges to withhold 3% of the transfer or exchange value of digital assets.