Crypto Fund Issuer Valour is set to Launch Digital Asset ETPs In Kenya
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Loading... - Ali Mohamed
- 13 Sep 2024
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Valour, a prominent crypto fund issuer, has taken a significant step in the Kenyan financial market by signing a memorandum of understanding with the Nairobi Securities Exchange (NSE) and SovFi, a financial instrument issuance platform. This agreement aims to introduce and trade digital asset exchange-traded products (ETPs) on the NSE, marking a notable development in Kenya's digital asset landscape.
The initial offerings are expected to include Bitcoin (BTC), Ether (ETH), Solana (SOL), and Hedera (HBAR) ETPs from Valour and its affiliated companies. These digital asset ETPs will be "passported" to the NSE, making them some of the first digital asset products available on the Kenyan exchange.
Kenya has been actively working on regulating digital assets since November 2022, with efforts intensifying as the Blockchain Association of Kenya began drafting standalone legislation in 2023. By April, a multiagency government working group was established to develop a framework for monitoring and regulating cryptocurrencies and digital assets in the country.
Interest in Web3 technologies and blockchain is particularly high in Kenya. This was evidenced by the Kenyan government's partnership with the Abu Dhabi-based Venom Foundation in May 2023 to launch a blockchain and Web3 hub in Africa.
However, Kenya has also shown caution in adopting certain digital projects. The government suspended the Worldcoin project, backed by Sam Altman, just days after its launch in August 2023, though it later allowed the project to resume in June 2024.
Valour's move to launch digital asset ETPs on the NSE reflects Kenya's growing openness to regulated digital financial products, potentially positioning the country as a key player in the African digital assets market.
