Kenya cuts stablecoin issuer capital requirement by 40% to $2.32M

Kenya’s Treasury has lowered the minimum paid-in capital requirement for stablecoin issuers by 40% from an earlier draft to $2.32 million (300 million Kenyan shillings), BitcoinNews.com reported. Rules aimed at investor protection will remain in place, including a requirement for issuers to back stablecoins one-to-one with reserve assets and honor redemption requests within two business days. Kenya’s central bank will also have the authority to restrict the circulation of offshore-issued stablecoins.