Wetang’ula directs probe into crypto firm’s Kenya operations

The National Assembly Finance and National Planning Committee has been directed to investigate the operations of QVSE, which is offering investment opportunities to Kenyans by combining cryptocurrency payments with trading in United States stocks. The online platform is operated under the Global Investment Group.

The National Assembly Speaker Moses Wetang’ula has given the committee two weeks to probe the activities of the platform, which is reportedly marketing itself as providing a secure and convenient investment solution by enabling users to invest in United States equities using digital assets.

This is after Matungulu MP Stephen Mule demanded a statement regarding the operations of QVSE, which operates under the Global Investment Group in Kenya.

Mr Mule said concerns have been raised regarding the platform's operations, particularly its regulatory status, investor protection measures, and the legality of its activities within Kenya.

“Honourable Speaker, reports indicate that the platform targets everyday citizens such as small-scale traders and other economically vulnerable groups by requiring a minimum investment of approximately Sh65,000 and promising fixed daily returns,” Mr Mule said while seeking the statement.