Kenya softens the price of entry, keeps the leash Kenya gazetted its VASP Regulations under Legal Notice 134, cutting stablecoin issuer paid-up capital 40% to Sh300M, around $2.3M, from the Sh500M floated in March. Wallet providers land at Sh150M, exchanges at Sh100M. Nothing else loosened. The CBK can order an issuer to halt issuance or redemption, and can direct local exchanges and wallets to restrict, suspend or delist a stablecoin outright. That effectively reaches offshore issuers without ever licensing them, and the rules apply extraterritorially to any platform serving Kenyan users. Yield is banned, including loyalty and holding rewards, so issuers compete on settlement alone.