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Prohibition of Cash Withdrawals From VASPs Operated Accounts May Contradict Central Bank’s Cashless Policy — Nigerian Lawyer
7.1.2024
Nigerian fintech lawyer Senator Ihenyen said the new central bank guidelines which bar the withdrawal of cash from accounts operated by virtual asset service providers (VASPs) seem “reasonable and understandable.” The lawyer however believes an “outright” prohibition of cash...
Bitcoin ETF Mania and Nigeria’s New Stance on Crypto to Drive the Industry’s Revival in Africa — Experts
30.12.2023
The U.S. Securities and Exchange Commission’s expected approval of bitcoin exchange-traded funds and Nigeria’s lifting of a directive which excluded the crypto industry from the banking ecosystem are expected to help revive African users’ interest in crypto. The Bitcoin halving...
Angolan National Assembly Approves Crypto Law to Safeguard ‘Monetary Sovereignty’
22.12.2023
The Angolan National Assembly recently approved legislation that seeks to address crypto mining’s impact on the environment as well as safeguarding the country’s “monetary sovereignty.” The objective of this legislation is to also curb illicit activities by preventing...
Ghana’s Securities Regulator Creates Taskforce to Build Capacity for Crypto Asset Oversight
20.12.2023
The Ghanaian securities regulator has established a task force which is expected to help it boost its capacity to regulate crypto assets. Ghanaian residents have continued to trade and invest in cryptocurrencies and this has forced the regulator to think of ways to protect crypto users. Gaining...
Nigerian Crypto Exchange Describes Deposit Suspension as ‘Industry-Standard Precautionary Measure’
19.12.2023
The Nigerian cryptocurrency exchange platform Bitmama recently said it has temporarily suspended deposits due to “ongoing third-party maintenance.” Bitmama said that while earlier media reports about its suspension of deposits are correct, they nevertheless “lack context,”...
Report: Worldcoin Set to Resume Kenyan Operations in Early 2024
18.12.2023
Worldcoin, the iris biometric crypto project, has reportedly reached an agreement with Kenyan authorities which allows it to resume operations in the African country. Worldcoin representatives are said to be “working directly with regulators to meet Kenya’s requirements.” Worldcoin...
Report: South African Financial Institutions Will Soon Offer Services Related to Cryptocurrencies
13.12.2023
About 73 applicants who are seeking a license to offer crypto products in South Africa are already registered as accountable institutions with the Financial Intelligence Centre, an executive at the crypto exchange Luno has said. According to the Luno executive, this may be an indication that...
Report: 47% of Nigerians Engaged in Crypto-Related Activities
10.12.2023
A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. Cryptocurrencies No Longer Seen...
The Bulk of Crypto Trading Volumes in Africa Are Generated by Institutional Traders — Farzam Ehsani
9.12.2023
Farzam Ehsani, the founder and CEO of the South African crypto exchange Valr, has stated that institutional traders account for the bulk of the African continent’s crypto trading volumes. To support this point, Ehsani referred to Valr’s largest volumes which he said “are...
Report: Kenyan Parliament Committee Approves Bill Proposing to Widen Definition of Securities to Include Crypto
6.12.2023
A Kenyan parliamentary committee has reportedly approved a bill that proposes to widen the definition of securities to include cryptocurrencies. The bill proposes a tax on crypto exchanges and digital wallets as well as a capital gains tax on users who realize a capital gain from the sale of their...
Nigeria Law Enforcement Nab Politician Who Laundered Funds Stolen From Crypto Exchange
26.11.2023
Nigerian law enforcement recently arrested a politician who is accused of laundering digital funds that were stolen from Patricia Technologies in May. CEO Hanu Fejiro praised the politician’s arrest and said the recovered funds will “go a long way to soothe Patricia users.”...
Stitch Launches Payment Service Allowing Customers to Settle With Crypto in South Africa
23.11.2023
A new product offering recently launched by Stitch, a South African payment service provider, now enables customers to settle transactions with crypto. According to Stitch, this new functionality makes it possible for customers to pay with bitcoin (BTC) or ether (ETH). Local Businesses to Receive...
Africa-Focused Crypto Exchange Yellow Card Bags Africa’s ‘Disrupter of the Year’ Award
22.11.2023
Yellow Card, the Africa-focused crypto exchange, recently won the African financial industry’s 2023 “Disrupter of the Year” award. The crypto exchange’s CEO described the award as a recognition of Yellow Card’s role in “solving important, practical problems...
Kenyan Blockchain Association Told to Help Draft Regulation Bill, ‘Demystify’ Crypto
9.11.2023
The Blockchain Association of Kenya has been asked to help create the country’s first draft bill on crypto asset regulation. The National Assembly’s Departmental Committee on Finance and National Planning also asked the association to undertake “robust public education on cryptocurrency...
South African Financial Giant Says It Will Inject Capital Into ZARP Stablecoin Network
7.11.2023
South Africa’s Old Mutual Wealth and financial services provider Inves Capital recently revealed plans to inject liquidity into the ZARP stablecoin network. Inves Capital’s managing director said “crypto is entering a new phase” of growth and ZARP is set to “play...
Nigerian Fintech Startup Vella Finance Drops Crypto-Related Services
31.10.2023
The Nigerian fintech Vella Finance recently informed users and subscribers that it would stop offering crypto related services starting on Oct. 30. According to co-founder Tolu Adedayo, offering crypto and banking services at the same time is not feasible, hence the decision to drop the former....
South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal
30.10.2023
A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged regulators whom it hopes will help expedite resolution...
Report: Operators of Central African Republic-Based Crypto Investment Firm Disappear With $1.6 Million
25.10.2023
According to reports, the operators of a Central African Republic (CAR) crypto company which promised a high return on money invested have disappeared along with $1.6 million in investor funds. High-profile personalities including lawmakers and senior government employees are among the hundreds...
Nigerian Bank Reportedly Freezes Accounts Belonging to 500 USDT Traders
24.10.2023
A Nigerian bank has reportedly blocked bank accounts belonging to some 500 digital asset traders. The affected accounts are said to have received a portion of the more than $10 million that was stolen from Access Bank by hackers between May and June this year. A prominent Nigerian crypto enthusiast...
Report: Africa-Focused Crypto Trading App Shut Down — Co-Founder Says Only Nigerian Users Affected
22.10.2023
The Africa-focused crypto trading app Vibra has reportedly stopped working in Ghana, Kenya, and Nigeria. Reports that the app is not working in the three countries contradict the co-founder’s claim that only users from Nigeria are affected. Resign or Get Fired An Africa-focused crypto trading...