The Capital Markets Authority (CMA) is working towards minimising the risks associated with trading in virtual assets by setting up a special fund to compensate investors in the event that a licensed dealer fails to meet its contractual obligations, signalling the government’s push to position the country as a digital finance hub on the continent.
CMA Chief Executive Wycliffe Shamiah told The EastAfrican in an interview that discussions are ongoing aimed at protecting investors who buy and sell virtual assets from losses through a compensation mechanism defined by a special fund, which would be distinct from the current Investor Compensation Fund (ICF) for equity investors.
