Kenya’s crypto landscape is entering a new phase after Bitcoin ATMs branded “Bankless Bitcoin” quietly appeared across several major shopping malls in Nairobi—just days after the country implemented its first comprehensive cryptocurrency law.

The installations, first reported by Capital News, offer cash-to-crypto services and sit beside traditional banking kiosks, signalling a bold push into mainstream retail spaces. But the rollout immediately sets up a regulatory showdown.

Regulators Say No One Is Licensed Yet

Although Kenya’s Virtual Assets Service Providers Act of 2025 took effect on November 4, neither the Central Bank of Kenya (CBK) nor the Capital Markets Authority (CMA) has issued the operational regulations needed to begin licensing crypto firms.

In a joint notice, the regulators reiterated that no Virtual Asset Service Provider (VASP) is currently licensed to operate in or from Kenya. Any claims of authorization are “illegal,” they warned.

Under the law:

• CBK oversees wallet providers, payment services, and custody operations

• CMA regulates trading platforms, exchanges, and investment-related activity

This means the new Bitcoin ATMs—and any providers behind them—are technically operating in a regulatory gray zone.

Kenya’s Grassroots Crypto Economy Is Already Active

Bitcoin ATMs are not entirely new to Kenya. BitClub installed machines in Nairobi back in 2018, though they never reached major malls. According to CoinATMradar, the country still lists only two active Bitcoin ATMs.

Yet the informal crypto economy has long thrived in communities with limited banking access. In lower-income neighborhoods like Kibera, Bitcoin has been used as a form of alternative savings and payments.

AfriBit Africa co-founder Ronnie Mdawida told local media that Bitcoin offers residents a way to store value without documentation, describing it as a path to “financial freedom” for people living on minimal income.

A New Phase With Old Uncertainties

The appearance of ATMs in upscale malls suggests a widening user base—arriving at a moment when regulators are still laying the groundwork for formal oversight. As Nairobi’s crypto footprint expands, Kenya faces a familiar challenge: balancing innovation with consumer protection in a rapidly evolving digital asset economy.