Imagine a young software developer in Kampala. He’s just finished building a smart-contract application that could help farmers track produce payments without relying on brokers. He’s hopeful, energized, but frustrated. Because while his app runs on cryptocurrency protocols, Uganda doesn’t recognize any of that as legal tender. His innovation, though technically sound and globally viable, floats in a legal grey zone. That’s not just his dilemma—it’s Uganda’s. Back in October 2019, Finance Minister Matia Kasaija declared before the country that government does not recognize any cryptocurrency as legal tender. It was a firm stance, probably grounded in caution, but one…
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The High Court, on Thursday, 19th December 2019 stopped Capital Markets Authority (CMA) from cancelling the license of ALTX East Africa Limited. Launched in 2014, by Joseph Kitamirike, the former CEO of Uganda Securities Exchange, ALTX is Uganda’s first automated stock brokerage service that did not require prospective investors to go through stock brokers, but instead offered digital channels such as mobile phones and the internet to buy and sell shares. On 25 February 2019, ALTX announced that it had pioneered mobile money payments for the purchase of securities, allowing investors to invest for as little as UGX10,000 a…
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