More than 50 cryptocurrency firms, including global exchange Binance, are reportedly exploring plans to establish regional headquarters in Nairobi, drawn by rising adoption and favourable tax incentives as Kenya positions itself as a financial hub in East Africa.
The Nairobi International Finance Centre (NIFC) said it is in active discussions with both local and international virtual asset companies as part of efforts to attract investment and create jobs.
“We have about 50 companies, specifically virtual asset firms, that we are engaging to set up regional headquarters in Kenya through the NIFC,” said chief executive Daniel Mainda in an interview.
Binance confirmed it is among the firms considering Nairobi as a base, though its entry will depend on the final regulatory framework adopted by the government.
“I can confirm that we are going to be part of that cohort… but the key factor for us is balanced, fair and robust regulation,” said Larry Cooke, the company’s head of legal for Africa.
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Firms setting up through the NIFC would benefit from reduced corporate tax rates of 15 percent for the first 10 years and 20 percent for the following decade, compared with the standard 30 percent.
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Kenya remains one of Africa’s largest cryptocurrency markets, with an estimated 733,300 users holding digital assets. According to blockchain analytics firm Chainalysis, the country ranks third in Africa for crypto adoption, behind Nigeria and South Africa.
Usage has also been expanding in real-world applications. A recent survey by the International Monetary Fund found that businesses in Kenya increasingly turn to stablecoins to settle payments for imports, particularly during periods of dollar shortages.
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