Kenya’s Capital Markets Authority (CMA) says the country needs a more encompassing approach that enables it to leverage other regulators’ expertise when testing crypto assets.
Kenyan Crypto Interest
Also, the Kenyan body, which favours a joint financial sector regulatory sandbox, says it is keen to forge “a common stance and joint-messaging with the Central Bank of Kenya (CBK)” when it comes to cryptos.
The CMA’s latest commentary on cryptocurrencies follows the release of the Capital Markets Soundness report of Q1, 2021. According to the quarterly report, which itself relies on the Chainalysis 2020 Geography of Cryptocurrency Report, Kenya “is the top 5 in global crypto-trading activity.” The country’s interest in cryptos is also reaffirmed by a Blockchainnenter.net report which places Kenya’s bitcoin search interest at 94.7%.
Investor Protection Mandate
Yet, despite this acknowledgment of crypto assets’ growing…