The Capital Markets Authority of Kenya (CMA Kenya) has admitted AlphaBloq Technologies Limited into the Capital Markets Authority Regulatory Sandbox to test its innovative blockchain-enabled real estate tokenization platform.
AlphaBloq is the latest blockchain product to be admitted into the regulatory sandbox for a period of 12 months. During this period, AlphaBloq will be required to undertake the following regulatory sandbox requirements:
- Adhere to the proposed testing and customer acquisition plan
- Develop an exit roadmap from the sandbox and a commercial rollout of the product
- Conduct quartely regular product reviews and risk management framework that include emerging risks and factors
- Provide monthly updates to the Sandbox Review Committee on the progress made, challenges, and opportunities
- Adhere to the AML/CFT/CPF framework under the PCAML Act, the PT Act, and othe relevant regulations
- Maintain records of all financial transactions, key milestones, data, and investors
- Adhere to the general Laws of Kenya and seek necessary regulatory approvals should it wish to developer additional product features
- Seek the Authority’s no objection prior to acquisition and tokenization of any property, giving granular details of the particulars of the property and prospective investors into the property
- Submit a final report to the Authority at the end of the testing period
AlphaBloq seeks to ‘foster greater inclusivity in real estate investing by making it more affordable for younger Kenyans, irrespective of their income levels.’
Real estate in Kenya has proven to be a great investment and alphabloQ makes this easier, more accessible and affordable.
Through the power of fractional investing, property tokenization and for as low as $100, alphabloQ is ready to transform into a homeowner. pic.twitter.com/zQ4AdwtDQx
— alphabloq (@alphabloQ_Inc) March 6, 2024
In 2019. CMA Kenya anoounced that it will be accepting non-crypto blockchain firms intto the sandbox.
In 2022, the Chairman of CMA Kenya said that the authority would be accommodating crypto and blockchain startups into its sandbox as well. However, no blockchain startup has been onboarded onto the sandbox until now.
In 2021, the regulator disclosed that out of 24 applications submitted to the sandbox since March 2019, at least 9 have been related to blockchain technology and tokenization of real estate. However, in this article by BitKE, CMA admitted that they had faced several challenges with blockchain firms in the sandbox.
Capital Markets Authority of Kenya Highlights the Challenges of Sandboxing Crypto and Blockchain Solutions in Kenya: https://t.co/jq8R4m8jgd 🇰🇪
— BitKE (@BitcoinKE) May 18, 2021
AlphaBloq joins 2 other blockchain-based products to be admitted into the CMA Kenya regulatory sandbox, which includes:
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