2024-08-22

  • Cryptocurrency
  • Banking
  • Blockchain Technology

Cryptocurrency As A Security Asset: Analyzing The Roles Of Various Stakeholders In The Adoption Of Virtual Assets Under The Capital Markets Authority (amendment) Bill, 2023

Article by Aggrey Bazirake

Abstract

The Fourth Industrial Revolution has ushered in blockchain and virtual assets develop and significantly impact social, economic, and political spheres, including Uganda’s financial ecosystem. However, Uganda Securities Exchange has yet to adopt these technologies. Hon. Nathan Igeme’s Capital Markets Authority (Amendment) Bill 2022 seeks to amend the Capital Markets Authority Act to regulate virtual assets like cryptocurrencies and licensed operators, rather than just products and activities. This article explores the potential consequences of this regulatory development and the measures that need to be taken to seamlessly integrate it into Uganda’s securities framework and stock exchange. It examines the roles of various stakeholders and identifies vulnerabilities that could compromise the system’s efficacy.

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