Africa has emerged as a continent with significant interest in cryptocurrency, with countries like South Africa, Nigeria, Zimbabwe, Kenya, and Ghana leading the way in adoption. In 2023, these countries made significant progress in cryptocurrency regulation and adoption.
South Africa has been at the forefront of cryptocurrency regulation, implementing measures such as taxing cryptocurrencies and recognizing them as digital assets. The country’s financial regulator also mandated that all crypto exchanges obtain licenses by the end of 2023. Additionally, South African grocery retailer Pick n Pay started accepting Bitcoin in all its stores.
Nigeria, despite a government ban on banks dealing in cryptocurrency, has become a global leader in crypto adoption. The Central Bank of Nigeria lifted restrictions on Nigerian banks facilitating crypto transactions, recognizing the increasing global demand for crypto. The Nigerian Securities and Exchange Commission has also started processing crypto exchange and custodian license applications. However, popular exchanges like Binance have not received a license. Nigeria also introduced a 10% tax on gains from the disposal of digital assets.
Kenya has seen growing cryptocurrency adoption and is positioning itself as a potential technology hub in Africa. The government considered introducing taxes on cryptocurrency and nonfungible token transfers and inked a deal with a blockchain platform to launch a blockchain and Web3 hub in Africa. The Blockchain Association of Kenya has been directed to prepare the first draft of a virtual asset service provider’s bill.
The Central African Republic has been actively involved in crypto innovation, becoming the first African country to adopt Bitcoin as legal tender. However, the government later started its own crypto token project. The country has set up a committee to draft a bill on using cryptocurrencies and tokenization. It has also extended its blockchain project to tokenize land and natural resources.
Ghana has embraced cryptocurrencies without significant regulatory hurdles, with minimal government or central bank interference. The country has seen continued trading and investment in cryptocurrencies, prompting the securities regulator to establish a task force to boost its capacity to regulate crypto assets.
Overall, Africa’s interest and contributions to cryptocurrency continue to develop rapidly, with 2024 expected to bring new developments in the crypto space.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Africa |
| Countries | 🇿🇦 🇳🇬 🇿🇼 🇰🇪 🇬🇠🇨🇫 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | None |
| Companies | South African grocery retailer Pick n Pay, Sango Coin., Nigerian banks, Blockchain Association of Kenya, Chainalysis, Central Bank of Nigeria (CBN), National Assembly’s Departmental Committee on Finance and National Planning, Binance, Ghanaian securities regulator, Nigerian Securities and Exchange Commission (SEC), Abu Dhabi-based blockchain platform Venom Foundation, BitcoinAfrica.io, Cointelegraph |
| Currencies | Bitcoin, Lido Staked Ether, Ethereum |
| Securities | None |
