These firms aren’t necessarily looking to list a token or coin itself, but rather to sell their equity (i.e., the shares of the company) to Kenyan investors, via what the CMA calls “electronic-traded products (ETPs).”
Kenya is staking a claim as a rising digital-finance hub in Africa. With the recent signing of the Virtual Asset Service Providers (VASP) Act into law on October 15, 2025, the country’s capital-markets regulator, the Capital Markets Authority (CMA Kenya), says it is now in discussions with international virtual-asset firms (primarily from the U.S and U.K) about listing their shares on the Nairobi Securities Exchange (NSE).
This potential move would mark a first: pure-play virtual-asset companies listing on an African stock market.
So rather than buying a crypto coin directly, Kenyan investors might buy shares in a company whose business is built around crypto/virtual assets. The CMA notes this reduces direct exposure to asset-price swings.
For context, the NSE is still seeking its next meaningful initial public offering (IPO) – the past decade has seen very few new corporate entrants. The listing of virtual-asset firms could inject fresh energy and product diversification. In addition, there has been a broader push to position Kenya as a digital-finance hub in Africa, leveraging favourable regulation.
For local investors, the opportunity is to tap into the global virtual-asset value chain (via equity) without necessarily the full risk of token-market volatility.
The talks are still at a preliminary stage: the CMA is not yet disclosing the names of the interested firms. While listing a share of a virtual asset company reduces exposure compared to owning a token, it still comes with risks – the business models in this space can be highly cyclical, volatile and dependent on regulatory shifts. The CMA Kenya CEO notes that the bitcoin market “has quite a lot of cyclical trends, very unstable.”
Implementation is key and the NSE Chief Executive emphasized that success “hinges entirely on the effective implementation of the new regulatory framework (prioritise investor protection, managing liquidity dynamics and prioritising investor education).”
The model (listing equity of virtual-asset firms vs tokens themselves) mirrors recent trends in Europe and the US, where companies with crypto exposure list and thereby provide indirect access to token-economics for investors.
The CMA referenced this when saying “these are now the plastic products which we have seen listed in most of the other external markets.”
Kenya’s capital-markets regulator is in discussions with US/UK virtual-asset firms about listing their shares on the Nairobi Securities Exchange, following the enactment of the VASP Act. This move would allow Kenyan investors to tap into the global crypto/virtual-asset sector through equity rather than tokens. The initiative could revitalise the exchange, diversify its offerings, and strengthen Kenya’s ambition to be a digital-finance hub – provided the regulatory framework is well-implemented and investor risks are managed.
