THELOGICALINDIAN - According to a new address appear by the Capital Markets Authority CMA of Kenya the countrys authoritative head has now accustomed 24 applications queries and proposals back March 2024 From this absolute alone seven firms accept been accepted into the head and a few added are now in the final stages of analysis However aloof two out of the seven accepted firms accept completed their testing appearance and plan to cycle out the articles soon
Regulator and Innovator Rapport
Meanwhile, the CMA concedes that this authoritative head had afforded it with the befalling to assignment and apprentice from innovators. In the document, which is blue-blooded the Authoritative Head Milestone Report, the CMA states:
Further, the regulator says it now understands that its abutting interactions with the innovators during the analysis had helped “in agreement of accepting new ability from the bazaar and bigger compassionate the products.”
Challenges Encountered
However, in the aforementioned report, the CMA gives a abandoned of the challenges it faced in the analysis aeon that is accepted to aftermost twelve months. For instance, from its interactions with innovators that focused on blockchain and crypto solutions, the CMA empiric that “insufficient advice apropos the accident cosmos in this area” had accurate to be a key challenge.
In addition, the address lists the CMA’s “lack of centralized accommodation to analysis these types of applications” as able-bodied as “objections by axial banks to (the) affair of cryptocurrencies” amid the added key challenges that were encountered.
With account to the acquaint it abstruse in this period, the CMA says it now understands the charge for regulators to “work carefully with applicants.” The acumen for this is “mainly because the fintech firms are the owners of the account and they accept these account bigger than the regulator.”
Meanwhile, the added acquaint abstruse accommodate the charge for allocation and cooperation amid altered regulators. The CMA additionally says it now understands that it should “never abolish any abstraction afore accomplishing a able appraisal of it.”
What do you anticipate of the CMA’s Regulatory Sandbox report? You can allotment your thoughts in the comments area below.
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