Nairobi is suddenly very attractive. More than 50 digital asset firms are in active talks to plant roots in Kenya’s capital, with the Nairobi International Finance Centre confirming the discussions are well underway. Binance, the world’s largest cryptocurrency exchange, is among them.

The NIFC’s chief executive Daniel Mainda put a number to it. He told Business Daily Africa that roughly 50 virtual asset companies, both local and international, are being engaged to set up regional headquarters through the centre. The target is to grow admitted firms from 28 currently to about 150 by year-end.

Binance Plants Its Flag Early

Binance’s head of legal for Africa, Larry Cooke, confirmed the exchange’s intent directly. His position though comes with conditions. The firm’s entry, Cooke said, depends on whether Kenya’s final crypto regulations land in a way that is balanced and fair.

“I can confirm that we are going to be part of that cohort and we will be number one among the 50 companies, but the anchor that is dependent for us entering a market is balanced, fair, robust regulations,” Cooke said.

That regulatory clarity is now closer. The Treasury recently published final rules assigning licensing of crypto exchange service providers to the Capital Markets Authority, while payment services fall under the Central Bank of Kenya. The dual-regulator structure borrows from frameworks used in the US and UK.

The NIFC incentive package is a big part of what is pulling these firms in. Companies setting up regional headquarters pay corporate income tax at 15 percent for the first 10 years, then 20 percent for the decade after that. Standard corporate tax in Kenya sits at 30 percent. To qualify, firms must invest at least Sh3 billion and ensure Kenyans hold at least 60 percent of senior management positions.

As Money Academy KE noted on X, according to Money Academy KE on X, over 50 digital asset firms including Binance are looking to set up regional hubs in Nairobi, drawn specifically by those tax incentives and rising crypto adoption in the country.

Kenya’s Numbers Tell the Story

Kenya already has a serious digital asset base. An estimated 733,300 people in the country currently hold some form of cryptocurrency. Crypto research firm Chainalysis places Kenya third in Africa for adoption, sitting behind only Nigeria and South Africa.

The typical Kenyan crypto user is under 40 and holds Bitcoin, Ethereum, or USDT. That profile comes from a survey commissioned by the IMF and carried out by a technical working group drawing on officials from both the CMA and the CBK. The same survey found that Kenyan companies have turned to digital assets to settle import payments during stretches of dollar shortages.

That’s not a small detail. It points to crypto filling a functional gap in Kenya’s financial system, not just serving as a speculative instrument.

The Virtual Asset Service Providers Act, signed by President William Ruto in October 2025, set this whole process in motion. It created the dual-regulator arrangement and opened the door to licensing crypto wallet providers, exchanges, payment processors, brokers, investment advisors, asset managers, initial coin offering providers, and miners, all of whom will need a licence under the new rules.

NIFC’s Slower Start, Faster Finish

The NIFC has not always moved quickly. The centre went operational in 2022 but had listed only three companies as recently as June of last year. Lowering the minimum investment threshold from Sh5 billion to Sh3 billion changed things fast. Admitted firms jumped to 28 within a year of that adjustment.

Startups get a separate deal. Businesses operating for less than 10 years pay 15 percent tax for the first four years and 20 percent for three years after that, with no minimum investment required.

Holding companies are also covered, qualifying for the same rate structure as regional headquarters, provided they invest Sh3 billion locally and maintain at least 70 percent Kenyan representation in senior management.

Kenya’s push to become East Africa’s leading financial hub is gaining real traction. Fifty-plus firms in the pipeline, a new regulatory framework, and Binance putting its name to the process publicly. The pieces are moving.