The Capital Markets Authority of Kenya (CMA Kenya) has admitted Infiniti n Beyond Limited into the Capital Markets Authority Regulatory Sandbox to test OwnMali, an innovative blockchain-enabled real estate tokenization platform.
OwnMali is the latest blockchain product to be admitted into the regulatory sandbox for a period of 6 months. During this period, OwnMali 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
OwnMali seeks to ‘empower everybody to become a landlord by investing in high-quality properties with as little as KES 200 [~$1.5]’ by tokenizing ‘each property into small digital tokens that allows you to easily co-invest and co-own with others.’
LATEST |
The @CMAKenya Regulatory Sandbox admits Infiniti n Beyond Limited to test its #OwnMali innovation product, a blockchain-enabled real estate tokenization platform, for a period of 12 months. pic.twitter.com/OxLpE7Zklu
— BitKE (@BitcoinKE) July 19, 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
OwnMali joins 3 other blockchain-based products to be admitted into the CMA Kenya regulatory sandbox, which includes:
AlphaBloq
Belrium Kenya
Pyypl
REGULATION | Blockchain Tokenization Platform, AlphaBloq, Gets Admitted into the Capital Markets Authority of Kenya Regulatory Sandbox
AlphaBloq seeks to ‘foster greater inclusivity in real estate investing by making it more affordable for younger Kenyans, irrespective of… pic.twitter.com/oKxSYriJ1G
— BitKE (@BitcoinKE) May 9, 2024
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community
_________________________________________
_________________________________________