The Capital Markets Authority has warned against the ongoing worldcoin registration in the country.
In a statement on Wednesday, they said worldcoin is not regulated in Kenya therefore cautioning the public against dealing with unregulated entities and products.
"Worldcoin related products including crypto tokens or their derivatives are not investment products within the scope of the capital markets act and hence the regulatory purview of the CMA," they said.
CMA advised the public to be wary of potential fraudulent schemes that may emerge in the over-the-counter market of crypto tokens.
They noted that they are however cognizant of the importance of Fintech and the benefits that can be derived from leveraging block chain technology.
"The authority is willing to work with interested parties through the already established regulatory sandbox model for the purpose of supporting innovative fintech products in a controlled and safe environment for the investing public," they said.
The police on Wednesday morning dispersed hundreds of city residents who had gathered at KICC to have their data collected to receive Worldcoin.
The exercise has been going on in different places across the country and has seen hundreds of thousands sign up for it.
All one needs to do is have their eyeball scanned by a device and they instantly receive 25 Worldcoins. These are worth Sh7,000.
On Tuesday, the exercise suffered a setback after it was stopped by police at the same venue over security concerns.
