Posted On: Oct, 20 2022


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The Capital Markets and Securities Authority (CMSA) is in the process of promulgating guidelines for development and regulation of operations of Crowdfunding in Tanzania. These Guidelines will be cited as Capital Markets and Securities (Crowdfunding) Guidelines, 2022.

CMSA and other financial sector regulators have participated in the development of the draft Guidelines taking into account International Standards for securities markets regulation as set out by the International Organization for Securities Commissions (IOSCO), the East African Securities Regulatory Authorities (EASRA); and in line with industry frameworks of Africa Crowdfunding Association (ACfA) and other relevant bodies.

Regulation of crowdfunding operations are expected to reduce market risks and build investors’, market players’ confidence and contribute to the development of the industry. The benefits of regulating crowdfunding include:

(i)Utilization of the potential of crowdfunding as an alternative source of financing;

(ii)Management of vulnerability of investors to fraudulent and funding activities; and

(iii)Enhanced market integrity and investors’ confidence in the capital financial sector.

The main objective of promulgation of regulatory framework for crowdfunding operations in Tanzania is therefore sustenance of market integrity and investor protection in an orderly regulated environment and efficiently providing avenue for mobilizing and channelling savings towards start up to growing companies in different sectors of the economy.

As among the key stakeholders in the development and regulation of capital markets, we request you to review the draft Guidelines which is available on Capital Markets and Securities (Crowdfunding) Guidelines, 2022. and avail us your written comments.

Kindly submit your comment before 29th October 2022 to:

Chief Executive Officer

Capital Markets and Securities Authority

6th Floor, Garden Avenue Tower, Ohio Street/Garden Avenue

P.O. Box 75713, Dar es Salaam, Tanzania

Telephone: +255 22 2114959/61

Email Address:

For more details and clarification please contact: or +255 754 288500