Is Forex Trading Legal in Kenya? Yes, forex trading in Kenya is legal. The forex trading market in Kenya has been regulated by the Capital Markets Authority, the regulatory authority in Kenya, since If you are a forex trader in Kenya, ensure that you only Rules for Forex trading in Kenya getting tighter 10/9/ · Forex trading in Kenya is legal and a lucrative business, yet only a few people may know of it. Not only is Forex trading one of the most profitable and persistent activities, but it is also a great source of income for numerous Kenyans. There are however some challenges in the Kenyan Forex Market due it being unregulated for the greater part
Forex Trading in Kenya - The Tokenist
Till now, Forex trading in Kenya was not subject to strict regulations, is forex trading legal in kenya. However, Kenyan watchdog CMA decided to finally take measures.
In fact, as of now, there are about 80, Kenyans trading without any strict regulatory norms. However, this soon might change — the Kenyan Capital Markets Authority CMA has drafted a new Forex legislation. Forex trading in Kenya is can soon be regulated. The CMA has drafted the new regulatory rules for financial markets in Kenya. The new Forex rules will ban cash transactions between customers and online Forex traders in favor of independent bank accounts.
Moreover, it will prohibit the opening of direct Forex account overseas for individual or Kenyan company in favor of ledger accounts held by Forex traders with the license. This step brings CMA closer to the proper ability to monitor the movements of money in Kenya.
The drafted law also states that only licensed companies will be able to trade Forex abroad. Moreover, the new proposed law for Forex trading in Kenya outlines the acceptable minimum capital limit. As per the draft, Forex small traders should have a minimum of Sh50 million in the capital limit. Moreover, the draft calls for a minimum of Sh40 or 80 percent of their capital reserves in financial instruments at all times.
The official document states:. The strategy director of CMA, Luke Ombara, has stated that the new law for Forex trading in Kenya would allow the country is forex trading legal in kenya consolidate its regulatory stance. Specifically, the Kenyan authorities now will be able to not only license the brokers but also obtain information on all financial activities to protect Kenyan investors.
Ombara has stated:. We now have a sizeable number of players, at about 80, individuals, but the forex dealers have remained in the shadows. Presently, Kenyan authorities are not aware of how much money is in circulation in Forex online business in Kenya. As a matter of fact, Forex trading in Kenya is growing at a high speed, thus raising concerns for regulators in the is forex trading legal in kenya. If the law will pass the government, all Forex brokers will need to obtain a license from CMA, is forex trading legal in kenya.
Moreover, all of the firms will need to prove their competence levels. They also will need to make sure to comply with all the requirements. The draft of the new rules for Forex trading in Kenya states:. Publish on AtoZ Markets. Get Free Trading Signals Your capital is at risk.
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, time: 8:39Rules for Forex trading in Kenya getting tighter
Is Forex Trading Legal in Kenya? Yes, forex trading in Kenya is legal. The forex trading market in Kenya has been regulated by the Capital Markets Authority, the regulatory authority in Kenya, since If you are a forex trader in Kenya, ensure that you only Rules for Forex trading in Kenya getting tighter 10/9/ · Forex trading in Kenya is legal and a lucrative business, yet only a few people may know of it. Not only is Forex trading one of the most profitable and persistent activities, but it is also a great source of income for numerous Kenyans. There are however some challenges in the Kenyan Forex Market due it being unregulated for the greater part
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