- They appeared shortly after the Virtual Asset Service Providers Act of 2025 took effect.
- CoinATMradar currently lists two Bitcoin ATMs in Kenya.
- The Central Bank of Kenya and the Capital Markets Authority say no VASP has yet been licensed.
Bitcoin ATMs have popped up in major Nairobi shopping malls just days after Kenya enacted its first comprehensive cryptocurrency law, presenting an unexpected challenge for regulators who have not yet authorized any crypto providers to operate.
The machines, operating under the Bankless Bitcoin brand, were installed near traditional bank kiosks and offer customers services that convert cash into cryptocurrency.
Their arrival coincided with the initial phase of the Virtual Asset Service Providers Act 2025, which came into force on November 4 and set the country’s first formal framework for crypto businesses.
Gaps in licensing
Local reporting confirmed that new ATMs have been placed in several Nairobi malls, marking a more visible rollout compared with earlier attempts to introduce crypto machines in Kenya.
In 2018, The East African reported that BitClub deployed some Bitcoin ATMs in the city, although those units never reached major shopping centers and remained limited in scope.
With two Bitcoin ATMs currently reported in Kenya, the latest installations stand out because of their placement in high-footfall commercial environments.
Regulators signal caution
The new law assigns supervisory responsibilities to two regulators. The Central Bank of Kenya will oversee payments and custody functions, while the Capital Markets Authority will regulate investment and trading activities.
However, the secondary regulations required to begin licensing crypto firms have not yet been published.
In a joint statement released Tuesday, the Central Bank of Kenya and the Capital Markets Authority said they have not granted any VASP licenses for activity in, or from, Kenya under the new Act.
They also warned that companies claiming to be authorized are operating without official approval.
The National Treasury is developing the regulatory framework that will determine when licensing can begin, placing operators in a transitional environment where the law exists but formal permits are not yet issued.
That creates a visible gap: Bitcoin ATMs are appearing in public spaces even as regulators tell the public that no provider has met the legal requirements.
The contrast increases pressure on authorities to clarify oversight and could shape how crypto firms approach compliance in the near term.
Informal use is growing
The spread of Bitcoin ATMs in upscale malls highlights an evolving crypto landscape in Kenya.
Reports note that Bitcoin has long been used informally in low-income neighborhoods such as Kibera, where residents rely on BTC as a form of banking in areas with limited access to formal financial services.
People have used cryptocurrency to preserve value without extensive documentation or traditional banking infrastructure.
The shift from informal neighborhoods to high-end malls indicates rising consumer interest, even as regulatory conditions remain unsettled.
The coexistence of visible infrastructure and incomplete licensing rules places Kenya at an early crossroads as it moves from a largely informal crypto market toward a regulated environment.