Kenya / Licence categories / Tokenization Provider

Tokenization Provider

Tokenization Provider: licensed by the Capital Markets Authority (CMA). Minimum paid-up capital KSh 10 million, licence fee KSh 500,000.

Regulator

Licensed by the CMA · checked 22 Oct 2026
Kenya has two licensing authorities; the First Schedule of the Act assigns each activity to one of them.

Regulator

Capital Markets Authority (CMA), per the First Schedule of the Act. VASP Act 2025, First Schedule official

What it covers

Virtual asset tokenization: converting real-world assets such as real estate, art or commodities into digital tokens on a blockchain. VASP Act 2025, First Schedule official

Minimum paid-up capital

KSh 10,000,000, held at licensing and at all times after; shareholder loans, borrowed money and revaluation reserves do not count (reg. 85(3) and (5)). VASP Regulations 2026, Fifth Schedule official

Liquid capital

KSh 2,000,000 or 8% of total liabilities, whichever is higher. VASP Regulations 2026, Fifth Schedule official

Fees

Application fee KSh 100,000 (forfeited if the application is withdrawn, reg. 5(2)); licence fee KSh 500,000; annual renewal KSh 500,000 or 0.15% of gross turnover, whichever is higher. VASP Regulations 2026, First Schedule official

In practice

Tokenisation turns real-world assets such as land, buildings, art or commodities into tokens. Each tokenised asset needs its own CMA approval, an independent valuation, proof of clear title and a custody agreement for the underlying asset, and the tokens must be listed on a licensed token issuance platform so that holders can exit. This category saw the largest relative cut from the draft, from KSh 200 million to KSh 10 million of paid-up capital.

Category-specific duties

• file an independent audit of the systems used to tokenise the real-world asset (reg. 61(2)(b))
• for each tokenised asset, supply an independent valuer's report, evidence of clear title free of encumbrances and the custody agreement (reg. 62)
• list the tokens on a licensed token issuance platform (reg. 65(d))

VASP Regulations 2026, Parts III to IX official

Deadline for existing operators

Anyone already providing virtual asset services must comply with the Act within one year of its commencement on 4 November 2025 (s. 47), which by our calculation is 4 November 2026. The Regulations contain no further transition period. VASP Act 2025, s. 47 official

Register

The CMA must publish a register of the licences it issues (s. 17) and gazette each grant within 30 days (s. 10(7)). We found no published VASP register; the CMA licensee directory, checked 22 Oct 2026, has no virtual-asset category. CMA licensee directory official

Group

Token offerings (Group)

Public statement

Not applicable: this page describes a licence category, not a firm.

Key Dates for This Category

• 4 Nov 2025The VASP Act 2025 commences; the activity needs a licence from the CMA (s. 8(2)). — new.kenyalaw.org official
• 22 Jul 2026The VASP Regulations 2026 (Legal Notice 134) set capital, fees and conduct rules for the category and open licensing. — cma.or.ke official
• 4 Nov 2026End of the one-year window for existing providers to comply (s. 47; date calculated by VASP Tracker). — new.kenyalaw.org official

Read More

• Kenya's Crypto Licensing Deadline Is 4 November 2026, and No Licence Register Has Been Published
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