Regulating | OwnMali, a Blockchain Tokenization Platform, is Accepted Into Kenya’s Capital Markets Authority Regulatory Sandbox
Infiniti n Beyond Limited has been accepted into the Capital Markets Authority Regulatory Sandbox by the Capital Markets Authority of Kenya (CMA Kenya) to test OwnMali, a cutting-edge blockchain-enabled real estate tokenization platform. The most recent blockchain product to be accepted into the 12-month regulatory sandbox is OwnMali. OwnMali will have to complete the following regulatory sandbox tasks throughout this time:
- 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
The goal of OwnMali is to enable anyone to invest in high-quality homes for as little as KES 200 [~$1.5], enabling them to co-own and co-invest with others. This is achieved by the tokenization of each property into little digital tokens.
Throughout 2019. CMA Kenya declared that non-crypto blockchain companies would be welcome to join the sandbox. The head of CMA Kenya declared in 2022 that the organisation will welcome blockchain and cryptocurrency firms inside its sandbox. But as of right present, no blockchain startup has been let inside the sandbox. The agency revealed in 2021 that at least nine of the 24 applications that have been submitted to the sandbox since March 2019 have something to do with blockchain technology or the tokenization of real estate. Nonetheless, CMA acknowledged that they have encountered a number of difficulties with blockchain companies in the sandbox in this BitKE post.
OwnMali has been accepted into the CMA Kenya regulatory sandbox alongside three other blockchain-based products. These goods are as follows:
