Kenya’s online currency traders are now required to obtain a licence from the Capital Markets Authority, (CMA) to continue in the business following the recent enactment of tough regulations governing the market.
The CMA, which is the capital markets regulator, estimates that about 50,000 people, including brokers, dealers and money managers, are in the business and are mainly using offshore platforms that are not overseen by Kenyan regulators to offer the service.
