In a landmark move that underscores Africa’s growing role in the global digital asset ecosystem, Valour Inc., a Canadian fintech subsidiary of DeFi Technologies Inc., has initiated steps to cross-list its cryptocurrency exchange-traded products (ETPs) on the Nairobi Securities Exchange (NSE). The development positions Kenya as a potential trailblazer in regulated crypto investment within East Africa.
Valour has appointed GulfCap Investment Bank (GCIB), a Capital Markets Authority (CMA)-licensed financial institution in Kenya—as the lead transaction advisor for the listing. The process is currently pending regulatory approval by the CMA.
Bringing Regulated Crypto Exposure to Kenya
If approved, the cross-listing will enable Kenyan investors to gain secure and simplified access to digital assets like Bitcoin and Ethereum through regulated ETPs, denominated in Kenyan Shillings and traded on the NSE. These products will mirror Valour’s existing offerings across top European exchanges including:
- Xetra (Germany)
- Spotlight Stock Market (Sweden)
- Euronext (Paris and Amsterdam)
With over 65 fully hedged digital asset ETPs already available in Europe, Valour’s move into Kenya marks a bold expansion into one of Africa’s most crypto-active regions.
GulfCap’s Role in the Listing
GulfCap Investment Bank will lead the charge on regulatory engagement, due diligence, investor education, documentation, and seamless execution aligned with CMA and NSE protocols.
“This collaboration demonstrates our commitment to building compliant, long-term bridges between global investors and decentralized finance,” said Andrew Forson, President of DeFi Technologies and Chief Growth Officer at Valour. “GulfCap’s deep market expertise and regulatory insight make them the ideal partner.”
A Fast-Growing Crypto Market
According to GulfCap CEO Saud Shahbal, Kenya is already among Africa’s most vibrant crypto markets by adoption.
“This initiative places us firmly at the crossroads of capital markets evolution and fintech disruption,” Shahbal stated. “Our mission is to deepen financial inclusion by offering regulated, alternative investments tailored to Kenya’s digital-first investor base.”
He emphasized that GCIB is committed to strong governance, regulatory alignment, and investor protection as it helps onboard Valour’s products to Kenyan markets.
A Broader Vision for Digital Finance in Africa
This listing is not Valour’s first foray into the African market. In August 2024, the company signed a Memorandum of Understanding (MoU) with the Nairobi Securities Exchange (NSE) and blockchain firm SovFi, laying the groundwork for regulated digital asset products in Kenya.
In April 2025, the NSE revealed plans to launch a digital assets and tokenization platform—a significant leap in Africa’s capital market innovation. Valour’s ETPs are expected to be among the first products listed, targeting Q3 2025 for official rollout.
Valour’s NSE initiative is a milestone for Kenya’s financial ecosystem:
- ✅ It offers institutional and retail investors safe access to digital assets.
- ✅ It helps integrate blockchain-based instruments into mainstream capital markets.
- ✅ It signals regulatory openness and capital markets modernization in East Africa.
- ✅ It may pave the way for similar listings across African exchanges.
As more fintechs and crypto-native firms seek compliant pathways to engage with African investors, Kenya’s forward-looking regulatory posture could establish it as a regional hub for digital asset investment.
