Regulatory Framework — TaSimba Investments

Our Commitment

Built on compliance, not around it.

As we develop and launch the Future BTC ETF, we work closely with all relevant regulatory authorities to ensure that our structure, operations, and disclosures are fully aligned with applicable legal and compliance frameworks.

Our goal is to build a product that not only delivers value to investors but also upholds the highest standards of governance and market integrity — fostering trust, stability, and long-term credibility in the digital asset investment space.

Regulatory Pillars

Multi-jurisdictional licensing across four African regulators
Compliance with CISCA and derivatives disclosure rules (South Africa)
Global Business Company structure under FSC Mauritius
Regulatory Sandbox participation in Kenya
Active engagement with SEC Zimbabwe on listing approval

Jurisdictional Breakdown

Four regulators. One unified standard.

South Africa

Financial Sector Conduct Authority (FSCA)

Johannesburg Stock Exchange (JSE)

ETFs are well established in South Africa, and the FSCA has well-developed frameworks for derivative-based products.

Key route: Application under the Collective Investment Schemes Control Act (CISCA), or the ETF exemption route, ensuring compliance with derivatives disclosure and risk regulations.

Zimbabwe

Securities & Exchange Commission (SEC Zimbabwe)

Victoria Falls Stock Exchange (VFSE)

Zimbabwe has taken progressive steps toward digital asset regulation, with VFSE positioned as a new listing platform for innovative products.

Structure: The ETF would be structured as a foreign-based derivative ETF approved for local trading in USD.

Kenya

Capital Markets Authority (CMA Kenya)

Nairobi Securities Exchange (NSE)

Kenya's CMA has initiated sandbox frameworks for fintech and digital assets — providing a path for innovative products to be tested under supervision.

Path to listing: Admission under the CMA Regulatory Sandbox for pilot trading, investor education, and progressive licensing.

Mauritius

Financial Services Commission (FSC)

Stock Exchange of Mauritius (SEM)

Mauritius provides a favourable jurisdiction for fund domiciliation due to strong investor protection, flexible fund regimes, double-taxation treaty network, and international recognition.

Vehicle: Registered as a Global Business Company (GBC) fund under FSC oversight.

Risk Framework

Identified. Quantified. Mitigated.

Risk	Mitigation Strategy
Regulatory uncertainty	Early engagement with regulators and sandbox participation across all jurisdictions
Market volatility	Conservative rolling futures strategy with defined risk limits per tier
Currency fluctuation	USD-based pricing with optional FX-hedged share classes
Counterparty risk	Trading restricted to regulated, high-credit brokers and exchanges
Investor education gap	Regional investor outreach, workshops, and disclosure programmes
Liquidity risk	Seed capital commitments and dedicated market-making arrangements

Strategic Rationale

Why now. Why Africa.

The Opportunity

Africa's crypto adoption is among the fastest growing globally — millions of users across Kenya, Nigeria, and South Africa already participate in digital assets.
Institutional investors remain cautious due to regulatory uncertainty and custody concerns — a regulated futures ETF closes this gap.
A compliant African vehicle attracts foreign investment flows and positions the continent as a competitive participant in global digital asset markets.

The Approach

Mauritius: Preferred fund domicile under FSC's GBC framework.
South Africa: Primary listing via JSE under FSCA oversight.
Zimbabwe: Secondary VFSE listing — USD-denominated.
Kenya: East African expansion via NSE under CMA sandbox.

Operating within the four corners of the law.