CMA Puts Out a Cautionary Statement on KeniCoin

The Capital Markets Authority (CMA) has put out a cautionary statement via a tweet on initial coin offerings and coin trading specifically mentioning Kenicoin, the controversial coin that has become quite popular in rural Kenya.

According to the CMA statement, there are ‘noted discrepancies in the information provided in the website and the information given to the authority during interviews of Wiseman Talent Ventures leadership in relation to the total number of Kenicoin sold and the total number of funds raised.”

WiseMan Talent Ventures, the company behind the ICO, is currently being investigated by the CMA in relation to the issuance of the Kenicoin digital token and its accompanying ICO.

The authority has warned the public regarding the nature and features of the above capital raising and trading or any other ICO or trading in any coin exchange that does not have CMA’s approval.

In an effort to come up with regulations in the space, CMA is currently working on a regulatory sandbox that it hopes will bring some sanity into the space by ensuring a safe environment where players can test the different ideas in the fintech space before being released into the public.