Valor to Issue Digital Asset ETPs in Kenya
Valor, in partnership with NSE and SovFi, is set to launch Bitcoin, Ethereum, Solana, and Hedera ETPs in Kenya. This move marks a significant expansion for the cryptocurrency fund issuer, as it looks to broaden its business beyond Europe.
The collaboration with the Nairobi Stock Exchange and SovFi entails issuing and trading digital asset exchange-traded products in Kenya. This strategic expansion will introduce a range of digital assets to the NSE, potentially making them the first of their kind on the exchange.
Valor’s Entry into the Kenyan Market
Valour’s foray into the Kenyan market signifies a notable development in the region’s financial landscape. The ETPs for Bitcoin, Ethereum, Solana, and Hedera will leverage the expertise of Valour’s parent company, DeFi Technologies, to penetrate the NSE market.
DeFi Technologies, based in Canada, has a track record of innovation in issuing ETPs on European exchanges. With 33 ETPs already issued on European platforms, Valor is well-positioned to introduce its products to the Kenyan market.
Regulatory Developments in Kenya
Kenya’s digital asset regulatory framework has been evolving since the formal regulation of these financial instruments began in November 2022. A multi-agency government working group is actively shaping a comprehensive regulatory framework, with contributions from the Kenya Blockchain Association.
This regulatory progress comes amidst a growing interest in Web3 technology and recent collaborations such as the launch of the Blockchain and Web3 Hub with Abu Dhabi’s Venom Foundation. Valor’s expansion aligns with Kenya’s progressive stance on digital assets, bolstering the country’s digital asset ecosystem.
Conclusion
In conclusion, Valor’s initiative to introduce digital asset ETPs in Kenya signifies a significant step towards diversifying the country’s financial offerings. As the digital asset landscape continues to evolve, partnerships and innovations in this space are crucial for driving economic growth and fostering financial inclusion.
