Faida Bank Cites Kenya Regulations for Avoiding Crypto in Its Funds
Faida Unit Trust Funds says it stays out of crypto because regulated schemes cannot trade unregulated products under Capital Markets Authority rules.
AfroEuropa Newsroom
AfroEuropa desk
Faida Unit Trust Funds, a Kenyan umbrella operator of four regulated collective investment schemes, says it has stayed away from cryptocurrency because of regulatory constraints, according to BitKE.
Ian Kahangara, Chief Investment Officer of Faida Unit Trust Funds, said the fund is bound by directives from the Capital Markets Authority of Kenya and that a regulated entity cannot trade in unregulated products. He described the country as being at the final stage of regulation on virtual assets.
Kahangara, who oversees how the fund's money is deployed to generate returns, added that beyond its appeal, crypto raises concerns around consistency and volatility that the fund must weigh when managing client money, BitKE reported.
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