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CALL for APPLICATIONS | Inaugural Rwanda-Based, Sector-Agnostic Innovate Africa Fund, Seeks to In...Innovate Africa Fund, an angel investment fund that supports early-stage founders taking startups from conception to product, has launched with an initial $2.5 million rollout. Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year to solve complex, recognised problems such as insecurity, unemployment, and poverty with purpose-driven technology. Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF). The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources. The fund will make an average investment of $50,000 in addition to expert guidance in finance, governance, public relations, and strategy. The offering includes a Product Leadership Accelerator to assist startups refine their offerings and achieve product-market fit. It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains. Managing Partner, Kristin, is also the Chief Strategy Officer at Spurt!, a Venture Partner at Oui Capital, an Investment Lead for the Rising Tide Africa Angel Network and a General Partner at the Bold Angel Fund. She has a portfolio of 34 African startups including 26 tech startups such as Hoaq, Clafiya, Shuttlers and OmniRetail–recognised as 2024’s Africa’s Fastest Growing Company by the Financial Times.   “As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors,” said Kristin.    Nigerian VC, Oui Capital, Raises $30 Million to Invest in North Africa and Francophone Africa Startupshttps://t.co/rlVrAnu0pN — UIDC (@UIDC_UG) September 30, 2023 Christian Idiodi is the Founder of Firtsi and Work Nigeria, while also a partner at the Silicon Valley Product Group (SVPG).   “Through the Innovate ecosystem, we connect our portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need,” said Christian.   Applications are open for founders across Africa who meet the six criteria for screening: Character Credibility Capacity Courage Competence, and Context   Interested founders can apply here.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

CALL for APPLICATIONS | Inaugural Rwanda-Based, Sector-Agnostic Innovate Africa Fund, Seeks to In...

Innovate Africa Fund, an angel investment fund that supports early-stage founders taking startups from conception to product, has launched with an initial $2.5 million rollout.

Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year to solve complex, recognised problems such as insecurity, unemployment, and poverty with purpose-driven technology.

Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF). The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources.

The fund will make an average investment of $50,000 in addition to expert guidance in finance, governance, public relations, and strategy. The offering includes a Product Leadership Accelerator to assist startups refine their offerings and achieve product-market fit.

It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains.

Managing Partner, Kristin, is also the Chief Strategy Officer at Spurt!, a Venture Partner at Oui Capital, an Investment Lead for the Rising Tide Africa Angel Network and a General Partner at the Bold Angel Fund. She has a portfolio of 34 African startups including 26 tech startups such as Hoaq, Clafiya, Shuttlers and OmniRetail–recognised as 2024’s Africa’s Fastest Growing Company by the Financial Times.

 

“As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors,” said Kristin. 

 

Nigerian VC, Oui Capital, Raises $30 Million to Invest in North Africa and Francophone Africa Startupshttps://t.co/rlVrAnu0pN

— UIDC (@UIDC_UG) September 30, 2023

Christian Idiodi is the Founder of Firtsi and Work Nigeria, while also a partner at the Silicon Valley Product Group (SVPG).

 

“Through the Innovate ecosystem, we connect our portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need,” said Christian.

 

Applications are open for founders across Africa who meet the six criteria for screening:

Character

Credibility

Capacity

Courage

Competence, and

Context

 

Interested founders can apply here.

 

 

 

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_________________________________________

_________________________________________
HOW to | How to Earn NotCoins By Playing to Earn on TelegramNotCoin ($NOT) is a play-to-earn token within the TON ecosystem, mainly utilized in a Telegram-based game. In this game, players earn tokens by tapping a virtual coin and completing various in-game tasks. The game was developed by Open Builders and attracted over 4.1 million players within a week of its official launch, reaching over 35 million total players as of May 2024. MILESTONE | The NotCoin $NOT Token Launches on TON Blockchain, User Base Now Accounts for 0.4% of the Global Population This large player base enabled Notcoin to attract ‘hundreds’ of Web3 organizations to advertise through the game’s ‘earn’ mechanics, according to the team.… pic.twitter.com/SopuiOEYOc — BitKE (@BitcoinKE) May 17, 2024 Initially, players earn in-game NotCoins through a tap-to-earn mechanism within a Telegram-based game. Each tap earns 1 NotCoin, with a cap before the player’s energy needs to be refilled.  Players can also complete quests, join leaderboards, and utilize boosts to enhance their earnings. The game promotes social interaction by enabling players to form squads, invite friends, and engage in community-driven activities. This approach has fostered a strong, active user base and a vibrant community on the Telegram platform.   How to Play and Earn NotCoin To play NotCoin, you need to access the game through the Telegram app. Begin by opening the NotCoin bot in Telegram. The gameplay is simple: tap on a virtual coin to earn in-game Notcoins. Each tap awards you NotCoins, and the objective is to accumulate as many as you can. Notcoin offers several boosts to maximize your earnings: Rocket Boost (Turbo Mode): This feature substantially boosts the number of NotCoins you earn per tap for a limited time. Utilize it strategically to maximize your earnings without exhausting your energy Full Energy: This boost instantly restores your energy, enabling you to keep earning NotCoins without waiting for natural energy regeneration. It can be utilized three times per day Auto Tap Bot: This bot automatically clicks for you, earning NotCoins even when you’re not actively playing. It becomes available once you reach the Silver League and requires 20,000 NotCoins to activate In addition to tapping, you can earn extra NotCoins by completing various tasks and inviting friends to join the game: Tasks: Engage in in-game tasks, such as subscribing to Telegram channels or participating in community activities. These tasks can yield significant amounts of NotCoins as rewards Referrals: Invite your friends to play NotCoin. Both you and your friends will earn bonus NotCoins when they join and begin playing. Users with Telegram Premium receive even higher referral bonuses Finally, you can also participate in squads by either joining existing ones or creating your own. Squads enable you to compete on leaderboards and earn extra rewards based on your combined performance. The game features five leagues: Bronze Silver Gold Platinum, and Diamond Advancing through these leagues showcases your expertise and commitment, unlocking more chances for rewards and acknowledgment. Once you’ve gathered sufficient NotCoins, you can exchange them for vouchers. These vouchers are tradable for the $TON cryptocurrency on platforms such as GetGems, a TON NFT marketplace. This functionality adds a real-world value aspect to your in-game endeavors, linking virtual accomplishments with tangible cryptocurrency rewards.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community ________________________________________ ________________________________________

HOW to | How to Earn NotCoins By Playing to Earn on Telegram

NotCoin ($NOT) is a play-to-earn token within the TON ecosystem, mainly utilized in a Telegram-based game. In this game, players earn tokens by tapping a virtual coin and completing various in-game tasks.

The game was developed by Open Builders and attracted over 4.1 million players within a week of its official launch, reaching over 35 million total players as of May 2024.

MILESTONE | The NotCoin $NOT Token Launches on TON Blockchain, User Base Now Accounts for 0.4% of the Global Population

This large player base enabled Notcoin to attract ‘hundreds’ of Web3 organizations to advertise through the game’s ‘earn’ mechanics, according to the team.… pic.twitter.com/SopuiOEYOc

— BitKE (@BitcoinKE) May 17, 2024

Initially, players earn in-game NotCoins through a tap-to-earn mechanism within a Telegram-based game. Each tap earns 1 NotCoin, with a cap before the player’s energy needs to be refilled.  Players can also complete quests, join leaderboards, and utilize boosts to enhance their earnings.

The game promotes social interaction by enabling players to form squads, invite friends, and engage in community-driven activities. This approach has fostered a strong, active user base and a vibrant community on the Telegram platform.

 

How to Play and Earn NotCoin

To play NotCoin, you need to access the game through the Telegram app. Begin by opening the NotCoin bot in Telegram. The gameplay is simple: tap on a virtual coin to earn in-game Notcoins. Each tap awards you NotCoins, and the objective is to accumulate as many as you can.

Notcoin offers several boosts to maximize your earnings:

Rocket Boost (Turbo Mode): This feature substantially boosts the number of NotCoins you earn per tap for a limited time. Utilize it strategically to maximize your earnings without exhausting your energy

Full Energy: This boost instantly restores your energy, enabling you to keep earning NotCoins without waiting for natural energy regeneration. It can be utilized three times per day

Auto Tap Bot: This bot automatically clicks for you, earning NotCoins even when you’re not actively playing. It becomes available once you reach the Silver League and requires 20,000 NotCoins to activate

In addition to tapping, you can earn extra NotCoins by completing various tasks and inviting friends to join the game:

Tasks: Engage in in-game tasks, such as subscribing to Telegram channels or participating in community activities. These tasks can yield significant amounts of NotCoins as rewards

Referrals: Invite your friends to play NotCoin. Both you and your friends will earn bonus NotCoins when they join and begin playing. Users with Telegram Premium receive even higher referral bonuses

Finally, you can also participate in squads by either joining existing ones or creating your own. Squads enable you to compete on leaderboards and earn extra rewards based on your combined performance.

The game features five leagues:

Bronze

Silver

Gold

Platinum, and

Diamond

Advancing through these leagues showcases your expertise and commitment, unlocking more chances for rewards and acknowledgment.

Once you’ve gathered sufficient NotCoins, you can exchange them for vouchers. These vouchers are tradable for the $TON cryptocurrency on platforms such as GetGems, a TON NFT marketplace. This functionality adds a real-world value aspect to your in-game endeavors, linking virtual accomplishments with tangible cryptocurrency rewards.

 

 

 

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

________________________________________

________________________________________
MILESTONE | Leading TON Blockchain Wallet, TonKeeper, Draws Over 1.3 Million Users in Nigeria, Wi...TonKeeper is the leading wallet on the TON blockchain that offers staking services and private dApp browsing, while enabling users to purchase eSIM and gift cards with crypto. The platform, listed as the top wallet on TON App, a directory of all apps available in the TON ecosystem, has seen rapid growth in Nigeria, according to the CEO, Oleg Andreev.   “In terms of reception, the feedback has been overwhelmingly positive. We currently have 1,300,000 active users in Nigeria, with an impressive 900,000 new users joining in May 2024 alone. This surge demonstrates the real-world applicability and demand for such a feature, especially in areas with limited access to traditional financial infrastructure.”   The growth of TonKeeper is attributed to the general success of TON Blockchain projects among Nigerian users. In particular, the recent phenomenon of Telegram – based blockchain games such as NotCoin is likely playing a big role in the May 2024 surge. As reported by BitKE, NotCoin was a significant global project in May 2024, attracting more than 30 million users. These users earned points by interacting with various TON services, including TonKeeper, and other wallets, exchanges, and games. These points could later be converted into tokens tradable on exchanges, giving users tangible value.   MILESTONE | The NotCoin $NOT Token Launches on TON Blockchain, User Base Now Accounts for 0.4% of the Global Population This large player base enabled Notcoin to attract ‘hundreds’ of Web3 organizations to advertise through the game’s ‘earn’ mechanics, according to the team.… pic.twitter.com/SopuiOEYOc — BitKE (@BitcoinKE) May 17, 2024 According to Andreev, TonKeeper prepared for the NotCoin listing by introducing Battery service, which launched in late April 2024 along with $USDT on TON. The concept involves charging the Battery upfront, which then covers the fees. According to TonKeeper, Tonkeeper Battery means you can receive tokens (stablecoins, NFTs etc.) and make payments with a token — without going to an exchange to buy coins to cover blockchain fees. TonKeeper Battery pays your fees for you, automatically. You can charge the battery with one tap using in-app purchases, or with $TON or stablecoins.   “This innovation was crucial as it allowed users without TonCoins to participate fully in the ecosystem. The success was evident as we processed over a million transactions through Battery, paying over $100,000 in fees in just two weeks. It validates the demand and utility of the feature, making blockchain access easier for newcomers without requiring them to invest in $TON initially.”   Officially, The Open Network, abbreviated as TON, was founded by Telegram in 2017 to enable decentralized services such as decentralized storage, anonymous networks, DNS, and fast payments through a proof-of-stake (PoS) method. The TON blockchain has implemented several features in recent years, leveraging the Telegram app, cryptocurrencies, and other key technologies. Most recently, Tether, the issuer of the world’s most widely used stablecoin, partnered with the TON Foundation to enable users to send crypto payments via the popular encrypted instant messaging service. STABLECOINS | #Telegram to Enable $USDT Payments with Global Fiat On/Off-Ramps Directly to Banks and Cards at Launch “This initiative is set to transform global peer-to-peer payments, allowing Telegram’s users to send transfers freely and instantly between all Telegram users;… pic.twitter.com/3RQY2Ejequ — BitKE (@BitcoinKE) May 1, 2024       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community ______________________________________ ______________________________________

MILESTONE | Leading TON Blockchain Wallet, TonKeeper, Draws Over 1.3 Million Users in Nigeria, Wi...

TonKeeper is the leading wallet on the TON blockchain that offers staking services and private dApp browsing, while enabling users to purchase eSIM and gift cards with crypto.

The platform, listed as the top wallet on TON App, a directory of all apps available in the TON ecosystem, has seen rapid growth in Nigeria, according to the CEO, Oleg Andreev.

 

“In terms of reception, the feedback has been overwhelmingly positive. We currently have 1,300,000 active users in Nigeria, with an impressive 900,000 new users joining in May 2024 alone. This surge demonstrates the real-world applicability and demand for such a feature, especially in areas with limited access to traditional financial infrastructure.”

 

The growth of TonKeeper is attributed to the general success of TON Blockchain projects among Nigerian users. In particular, the recent phenomenon of Telegram – based blockchain games such as NotCoin is likely playing a big role in the May 2024 surge.

As reported by BitKE, NotCoin was a significant global project in May 2024, attracting more than 30 million users. These users earned points by interacting with various TON services, including TonKeeper, and other wallets, exchanges, and games. These points could later be converted into tokens tradable on exchanges, giving users tangible value.

 

MILESTONE | The NotCoin $NOT Token Launches on TON Blockchain, User Base Now Accounts for 0.4% of the Global Population

This large player base enabled Notcoin to attract ‘hundreds’ of Web3 organizations to advertise through the game’s ‘earn’ mechanics, according to the team.… pic.twitter.com/SopuiOEYOc

— BitKE (@BitcoinKE) May 17, 2024

According to Andreev, TonKeeper prepared for the NotCoin listing by introducing Battery service, which launched in late April 2024 along with $USDT on TON. The concept involves charging the Battery upfront, which then covers the fees.

According to TonKeeper, Tonkeeper Battery means you can receive tokens (stablecoins, NFTs etc.) and make payments with a token — without going to an exchange to buy coins to cover blockchain fees. TonKeeper Battery pays your fees for you, automatically. You can charge the battery with one tap using in-app purchases, or with $TON or stablecoins.

 

“This innovation was crucial as it allowed users without TonCoins to participate fully in the ecosystem. The success was evident as we processed over a million transactions through Battery, paying over $100,000 in fees in just two weeks. It validates the demand and utility of the feature, making blockchain access easier for newcomers without requiring them to invest in $TON initially.”

 

Officially, The Open Network, abbreviated as TON, was founded by Telegram in 2017 to enable decentralized services such as decentralized storage, anonymous networks, DNS, and fast payments through a proof-of-stake (PoS) method.

The TON blockchain has implemented several features in recent years, leveraging the Telegram app, cryptocurrencies, and other key technologies.

Most recently, Tether, the issuer of the world’s most widely used stablecoin, partnered with the TON Foundation to enable users to send crypto payments via the popular encrypted instant messaging service.

STABLECOINS | #Telegram to Enable $USDT Payments with Global Fiat On/Off-Ramps Directly to Banks and Cards at Launch

“This initiative is set to transform global peer-to-peer payments, allowing Telegram’s users to send transfers freely and instantly between all Telegram users;… pic.twitter.com/3RQY2Ejequ

— BitKE (@BitcoinKE) May 1, 2024

 

 

 

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

______________________________________

______________________________________
REGULATION | Paxful Co-Founder Pleads Guilty to Accusations of Deception and Shoddy Anti Money La...Artur Schaback, the Co-Founder and former Chief Technology Officer (CTO) of Paxful, has pleaded guilty to federal crimes in the United States. On July 8 2024, the U.S. Department of Justice (DOJ), announced that Schaback pleaded guilty to charges of conspiracy for failing to establish and maintain an effective anti-money laundering (AML) program overseeing the company’s peer-to-peer (P2P) cryptocurrency trading platform between July 2015 and June 2019. According to court documents, Schaback permitted users to create accounts and conduct trades without obtaining the required identification. Additionally, Schaback falsely portrayed the Paxful platform as not needing KYC compliance and presented fraudulent AML policies to third parties, according to the DOJ.   “Schaback allowed customers to open accounts and trade on Paxful without gathering sufficient [KYC] information; marketed Paxful as a platform that did not require KYC; presented fake AML policies to third parties that he knew were not, in fact, implemented or enforced at Paxful; and failed to file a single suspicious activity report, despite knowing that Paxful users were perpetrating suspicious and criminal activity,” the DoJ said. “As a result of his failure to implement AML and KYC programs, Schaback made Paxful available as a vehicle for money laundering, sanctions violations, and other criminal activity, including fraud, romance scams, extortion schemes, and prostitution,” the Justice Department said.   Schaback faces up to five years in prison and is scheduled for sentencing on November 4 2024. As part of his plea, Schaback will also resign from Paxful Inc.’s Board of Directors. In January 2023, Schaback filed a lawsuit against Ray Youssef, Paxful’s Co-Founder and CEO, accusing him of misappropriating company funds, money laundering, and evading U.S. sanctions against Russia. The platform announced it was shutting down in April 2023, according to a statement by Youssef citing ‘regulatory challenges and key staff departures.’ However, a month later the firm announced a resumption of operations.   PAXFUL IS BACK! P2P Crypto Marketplace, Paxful, Resumes Operations After Suspension “After a month away, we’re happy to announce that the Paxful marketplace is back online,” the firm wrote, noting that it took the decision to temporarily suspend its platform last month in order… pic.twitter.com/o8ecDo2xEm — BitKE (@BitcoinKE) May 9, 2023 The firm is currently under CEO, Roshan Dharia. At one point, Paxful was one of the leading P2P crypto exchanges in Africa with Nigerians have traded more than $1.16 billion in bitcoin on Paxful between January 2021 and June 2022 amidst the Central Bank of Nigeria (CBN) ban on trading cryptocurrencies.   Nigerians Traded $1.1 Billion on Paxful Despite Bitcoin Ban Making it World’s Biggest P2P Market – @raypaxful #BTC is the only HOPE for developing countries to escape economic oppression. If you agree, consider follow @Bitcoin_xoe and retweeting this.https://t.co/FnEs7unG8O — ₿itcoin Xoe (@Bitcoin_Xoe) August 19, 2022       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community _____________________________________ _____________________________________

REGULATION | Paxful Co-Founder Pleads Guilty to Accusations of Deception and Shoddy Anti Money La...

Artur Schaback, the Co-Founder and former Chief Technology Officer (CTO) of Paxful, has pleaded guilty to federal crimes in the United States.

On July 8 2024, the U.S. Department of Justice (DOJ), announced that Schaback pleaded guilty to charges of conspiracy for failing to establish and maintain an effective anti-money laundering (AML) program overseeing the company’s peer-to-peer (P2P) cryptocurrency trading platform between July 2015 and June 2019.

According to court documents, Schaback permitted users to create accounts and conduct trades without obtaining the required identification. Additionally, Schaback falsely portrayed the Paxful platform as not needing KYC compliance and presented fraudulent AML policies to third parties, according to the DOJ.

 

“Schaback allowed customers to open accounts and trade on Paxful without gathering sufficient [KYC] information; marketed Paxful as a platform that did not require KYC; presented fake AML policies to third parties that he knew were not, in fact, implemented or enforced at Paxful; and failed to file a single suspicious activity report, despite knowing that Paxful users were perpetrating suspicious and criminal activity,” the DoJ said.

“As a result of his failure to implement AML and KYC programs, Schaback made Paxful available as a vehicle for money laundering, sanctions violations, and other criminal activity, including fraud, romance scams, extortion schemes, and prostitution,” the Justice Department said.

 

Schaback faces up to five years in prison and is scheduled for sentencing on November 4 2024. As part of his plea, Schaback will also resign from Paxful Inc.’s Board of Directors.

In January 2023, Schaback filed a lawsuit against Ray Youssef, Paxful’s Co-Founder and CEO, accusing him of misappropriating company funds, money laundering, and evading U.S. sanctions against Russia.

The platform announced it was shutting down in April 2023, according to a statement by Youssef citing ‘regulatory challenges and key staff departures.’ However, a month later the firm announced a resumption of operations.

 

PAXFUL IS BACK!

P2P Crypto Marketplace, Paxful, Resumes Operations After Suspension

“After a month away, we’re happy to announce that the Paxful marketplace is back online,” the firm wrote, noting that it took the decision to temporarily suspend its platform last month in order… pic.twitter.com/o8ecDo2xEm

— BitKE (@BitcoinKE) May 9, 2023

The firm is currently under CEO, Roshan Dharia.

At one point, Paxful was one of the leading P2P crypto exchanges in Africa with Nigerians have traded more than $1.16 billion in bitcoin on Paxful between January 2021 and June 2022 amidst the Central Bank of Nigeria (CBN) ban on trading cryptocurrencies.

 

Nigerians Traded $1.1 Billion on Paxful Despite Bitcoin Ban Making it World’s Biggest P2P Market – @raypaxful #BTC is the only HOPE for developing countries to escape economic oppression. If you agree, consider follow @Bitcoin_xoe and retweeting this.https://t.co/FnEs7unG8O

— ₿itcoin Xoe (@Bitcoin_Xoe) August 19, 2022

 

 

 

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

_____________________________________

_____________________________________
FUNDING | Tanzanian Fintech, Nala, Raises $40 Million in Series a Following 10x Revenue Growth an...In one of the largest Series A in African tech history, pan-African remittances company, Nala, has raised $40 million in a series A round, CEO, Benjamin Fernandes, has announced. Today, I’m excited to announce we have raised $40m Series A It’s been an incredible journey so far, we are just getting started, give us a couple of years, we’ve got some big plans. Thread pic.twitter.com/uk8ODO0RZI — Benjamin Fernandes (@Benji_Fernandes) July 9, 2024 The round was led by San Francisco-based VC firm Acrew Capital, with participation from: DST Global Norrsken22 HOF Capital, and existing investors including: Amplo NYCA Partners A number of angel investors, including fintech founders: Ryan King of Chime and Vlad Tenev of Robinhood made investments too. Nala, which raised $10 million in 2022, plans to use the funds to enhance its existing infrastructure amid plans to expand its remittance services globally, in particular to other emerging markets such as Asia and Latin America.   “This $40 million funding round marks a pivotal moment for Nala. It will enable us to go beyond remittances and extend our reach beyond Africa, building a robust payments ecosystem. We’re reinvesting this money to enhance our infrastructure, ensuring reliable, low-cost payments for all,” Fernandes said in an interview. “With the launch of our own payment rails and the expansion of our B2B platform, Rafiki, we’re not just talking about change, we’re building it. We’ve got some bold, ambitious plans, give us a couple of years.”    Tanzanian Fintech, NALA, Raises $10 Million to Expand to 12 African Countries in 2022https://t.co/tWox2ozfzW @NALAmoney @Benji_Fernandes — BitKE (@BitcoinKE) February 2, 2022 In January 2024, the fintech introduced Rafiki,  a single API for global businesses to make payments into Africa. According to Nala, the B2B platform was designed to: Ensure reliability Manage treasury directly Better error mapping Reduce user costs, and Streamline payouts   “For Rafiki, live customers on Nala range from global payroll providers such as Cadana to global remittance companies such as TransferGo and global banks doing cross border payments. The focus is enabling financial institutions and services to make cross border payments,” said Fernandes.   According to Fernandes, guaranteeing service delivery has been the fuel behind the growth of the startup’s consumer business, which accounts for over 90% of its revenues currently. Nala is on the path to cross 500,000 customers and has already attained profitability.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

FUNDING | Tanzanian Fintech, Nala, Raises $40 Million in Series a Following 10x Revenue Growth an...

In one of the largest Series A in African tech history, pan-African remittances company, Nala, has raised $40 million in a series A round, CEO, Benjamin Fernandes, has announced.

Today, I’m excited to announce we have raised $40m Series A

It’s been an incredible journey so far, we are just getting started, give us a couple of years, we’ve got some big plans.

Thread pic.twitter.com/uk8ODO0RZI

— Benjamin Fernandes (@Benji_Fernandes) July 9, 2024

The round was led by San Francisco-based VC firm Acrew Capital, with participation from:

DST Global

Norrsken22

HOF Capital,

and existing investors including:

Amplo

NYCA Partners

A number of angel investors, including fintech founders:

Ryan King of Chime and

Vlad Tenev

of Robinhood made investments too.

Nala, which raised $10 million in 2022, plans to use the funds to enhance its existing infrastructure amid plans to expand its remittance services globally, in particular to other emerging markets such as Asia and Latin America.

 

“This $40 million funding round marks a pivotal moment for Nala. It will enable us to go beyond remittances and extend our reach beyond Africa, building a robust payments ecosystem. We’re reinvesting this money to enhance our infrastructure, ensuring reliable, low-cost payments for all,” Fernandes said in an interview.

“With the launch of our own payment rails and the expansion of our B2B platform, Rafiki, we’re not just talking about change, we’re building it. We’ve got some bold, ambitious plans, give us a couple of years.” 

 

Tanzanian Fintech, NALA, Raises $10 Million to Expand to 12 African Countries in 2022https://t.co/tWox2ozfzW @NALAmoney @Benji_Fernandes

— BitKE (@BitcoinKE) February 2, 2022

In January 2024, the fintech introduced Rafiki,  a single API for global businesses to make payments into Africa. According to Nala, the B2B platform was designed to:

Ensure reliability

Manage treasury directly

Better error mapping

Reduce user costs, and

Streamline payouts

 

“For Rafiki, live customers on Nala range from global payroll providers such as Cadana to global remittance companies such as TransferGo and global banks doing cross border payments. The focus is enabling financial institutions and services to make cross border payments,” said Fernandes.

 

According to Fernandes, guaranteeing service delivery has been the fuel behind the growth of the startup’s consumer business, which accounts for over 90% of its revenues currently.

Nala is on the path to cross 500,000 customers and has already attained profitability.

 

 

 

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

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REGULATION | Nigeria Set to Build the ‘Nigerium’ Indigenous Blockchain to Safeguard National Secu...National Information Technology Development Agency (NITDA) will develop the ‘Nigerium’ indigenous blockchain to safeguard national security, according to Kashifu Inuwa Abdullahi, Director-General, NITDA. Abdullahi stated this when he welcomed a delegation from the University of Hertfordshire Law School, in Abuja, adding that that the ultimate goal is to unite the public and private sectors to develop a domestic blockchain. The people from University of Hertfordshire Law School said that an indigenous blockchain would ensure that Nigerian data and personal information remain under local control, rather than being managed by international co-developers who may not prioritize Nigeria’s interests. Moreover, they added that reliance on established blockchain platforms such as Ethereum places Nigeria at the discretion of international developers who do not operate under Nigerian law. It’s worth noting that Nigeria was the first country in Africa to introduce a Central Bank Digital Currency (CBDC) called eNaira in 2021, utilizing a private blockchain based on Hyperledger Fabric.   [WATCH] The Nigerian eNaira Central Bank Digital Currency – The First CBDC in Africa – Goes Live: https://t.co/aD1FKpptps #eNaira @cenbank — BitKE (@BitcoinKE) October 26, 2021 This announcement arrives shortly after NITDA’s recent disclosure of its intention to set up research centers dedicated to blockchain and other cutting-edge technologies across Nigeria’s six geopolitical zones. It also follows the approval of a national blockchain policy in 2023.   [TECH] Nigerian Government Approves the National Blockchain Policy: The Federal Executive Council of Nigeria has approved the National Blockchain Policy for Nigeria as presented by the Minister of Communicat.. https://t.co/wdKHDJZcgx via @BitcoinKE — Top Kenyan Blogs (@Blogs_Kenya) June 1, 2023 The policy is aimed at creating a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government, thereby enhancing innovation, trust, growth, and prosperity for all. Blockchain technology is seen by authorities as having the potential to revolutionize many industries, from finance and healthcare to transportation and supply chain management. It makes transactions more transparent, trustworthy, and efficient, resulting in considerable cost savings and better user experiences. Furthermore,  the government sees blockchain as something that can boost innovation, improve public services, create job opportunities, and drive economic growth.   __________ About NITDA In an effort towards ensuring that the IT policy’s implementation proceeds with maximum effectiveness, NITDA regulates, monitors, evaluates, and verifies progress on an ongoing basis under the supervision and co-ordination of the Federal Ministry of Communications and Digital Economy. One of NITDA’s mandates is to operate and implement the National IT policy and to give effect to provisions of the National Information Technology Development Agency Act (NITDA Act) of 2007.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

REGULATION | Nigeria Set to Build the ‘Nigerium’ Indigenous Blockchain to Safeguard National Secu...

National Information Technology Development Agency (NITDA) will develop the ‘Nigerium’ indigenous blockchain to safeguard national security, according to Kashifu Inuwa Abdullahi, Director-General, NITDA.

Abdullahi stated this when he welcomed a delegation from the University of Hertfordshire Law School, in Abuja, adding that that the ultimate goal is to unite the public and private sectors to develop a domestic blockchain.

The people from University of Hertfordshire Law School said that an indigenous blockchain would ensure that Nigerian data and personal information remain under local control, rather than being managed by international co-developers who may not prioritize Nigeria’s interests.

Moreover, they added that reliance on established blockchain platforms such as Ethereum places Nigeria at the discretion of international developers who do not operate under Nigerian law.

It’s worth noting that Nigeria was the first country in Africa to introduce a Central Bank Digital Currency (CBDC) called eNaira in 2021, utilizing a private blockchain based on Hyperledger Fabric.

 

[WATCH] The Nigerian eNaira Central Bank Digital Currency – The First CBDC in Africa – Goes Live: https://t.co/aD1FKpptps #eNaira @cenbank

— BitKE (@BitcoinKE) October 26, 2021

This announcement arrives shortly after NITDA’s recent disclosure of its intention to set up research centers dedicated to blockchain and other cutting-edge technologies across Nigeria’s six geopolitical zones. It also follows the approval of a national blockchain policy in 2023.

 

[TECH] Nigerian Government Approves the National Blockchain Policy: The Federal Executive Council of Nigeria has approved the National Blockchain Policy for Nigeria as presented by the Minister of Communicat.. https://t.co/wdKHDJZcgx via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) June 1, 2023

The policy is aimed at creating a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government, thereby enhancing innovation, trust, growth, and prosperity for all.

Blockchain technology is seen by authorities as having the potential to revolutionize many industries, from finance and healthcare to transportation and supply chain management. It makes transactions more transparent, trustworthy, and efficient, resulting in considerable cost savings and better user experiences.

Furthermore,  the government sees blockchain as something that can boost innovation, improve public services, create job opportunities, and drive economic growth.

 

__________

About NITDA

In an effort towards ensuring that the IT policy’s implementation proceeds with maximum effectiveness, NITDA regulates, monitors, evaluates, and verifies progress on an ongoing basis under the supervision and co-ordination of the Federal Ministry of Communications and Digital Economy.

One of NITDA’s mandates is to operate and implement the National IT policy and to give effect to provisions of the National Information Technology Development Agency Act (NITDA Act) of 2007.

 

 

 

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REGULATION | South African Regulator, FSCA, Pursuing 30 Crypto Firms Operating Without LicensesThe Financial Sector Conduct Authority (FSCA) of South Africa is currently running 30 investigations into unauthorized crypto-related financial services within the country. This is according to the organization’s latest regulatory actions report that outlines the measures they have put in place to enable safe operations of crypto firms.   “The Enforcement Division established an investigation team to deal specifically with persons or entities that did not apply for a licence or whose licence applications have been declined, and who are conducting crypto financial services unlawfully. There are currently 30 cases under investigation,” the report indicates. “In the interest of protecting the public and in support of fairness in the industry, the FSCA will act decisively against unlawful CASPs. The FSCA will make the outcome of its investigations known and will publish warnings if it discovers unregistered crypto business.”   The regulator, who recently approved a further 63 licence applications, to bring the number of licensed CASPs in South Africa to 138, noted that crypto exchanges in the country are also facilitating scams with fraudsters using multiple accounts opened at banks at crypto exchanges as part of their fraudulent activities to avoid detection.   “Clients are often offered unrealistic returns, sometimes within a few hours of investing. Fraudsters share fake positive reviews and fabricated screenshots of returns in these groups. They portray wealthy lifestyles on social media and frequently request additional funds to process their withdrawals.”     REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138 “The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following… pic.twitter.com/uIXDCHBUGW — BitKE (@BitcoinKE) July 3, 2024 The regulator notes that financial customers in the country are at risk from ever more sophisticated technologies that are being deployed by fraudsters.   “With the advent of artificial intelligence and rapid software development, the FSCA has observed a surge in deepfake scams. Fraudsters use AI and other technologies to create fabricated, high-quality videos, images, audio, or text content that imitate public figures and successful businesspeople to promote scams.”   In April 2024, as reported by BitKE, FSCA opened investigations into online trading platform, BanxSo, into ‘possible contraventions of financial sector laws’ for deceptionally using images of prominent business figures like billionaires Elon Musk and Patrice Motsepe in its advertising and promotional efforts.   REGULATION | South African Financial Regulator, FSCA, Opens Investigations into Online Trading Platform, Banxso A South African outlet investigation said that individuals who interacted with Immediate Matrix advertisements and subsequently registered on its platforms… pic.twitter.com/52CfoxLVDM — BitKE (@BitcoinKE) April 22, 2024 In addition to unauthorised crypto-related financial services, other areas of heightened risk to financial customers in South Africa include: Non-compliance with anti-money laundering regulations Un-licenced over-the-counter derivative provider activities Copy trading and signals   According to current crypto regulations, entities that continue operations without applying for registration could face a fine of up to R10 million or even a criminal conviction and a prison sentence of up to 10 years. The regulator is also prepared to shut down non-compliant firms.   Q&A | What FSCA Licensing for Crypto Assets Service Providers Means for South Africa – A Chat with #Binance Compliance Below is the Q&A with Samukele Mkhize, Country Compliance Head/MLRO South Africa for Binance, regarding the FSCA’s licensing of crypto asset service providers… pic.twitter.com/qL62Gz8HE9 — BitKE (@BitcoinKE) April 25, 2024       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community _______________________________________ _______________________________________

REGULATION | South African Regulator, FSCA, Pursuing 30 Crypto Firms Operating Without Licenses

The Financial Sector Conduct Authority (FSCA) of South Africa is currently running 30 investigations into unauthorized crypto-related financial services within the country.

This is according to the organization’s latest regulatory actions report that outlines the measures they have put in place to enable safe operations of crypto firms.

 

“The Enforcement Division established an investigation team to deal specifically with persons or entities that did not apply for a licence or whose licence applications have been declined, and who are conducting crypto financial services unlawfully. There are currently 30 cases under investigation,” the report indicates.

“In the interest of protecting the public and in support of fairness in the industry, the FSCA will act decisively against unlawful CASPs. The FSCA will make the outcome of its investigations known and will publish warnings if it discovers unregistered crypto business.”

 

The regulator, who recently approved a further 63 licence applications, to bring the number of licensed CASPs in South Africa to 138, noted that crypto exchanges in the country are also facilitating scams with fraudsters using multiple accounts opened at banks at crypto exchanges as part of their fraudulent activities to avoid detection.

 

“Clients are often offered unrealistic returns, sometimes within a few hours of investing. Fraudsters share fake positive reviews and fabricated screenshots of returns in these groups. They portray wealthy lifestyles on social media and frequently request additional funds to process their withdrawals.”

 

 

REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138

“The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following… pic.twitter.com/uIXDCHBUGW

— BitKE (@BitcoinKE) July 3, 2024

The regulator notes that financial customers in the country are at risk from ever more sophisticated technologies that are being deployed by fraudsters.

 

“With the advent of artificial intelligence and rapid software development, the FSCA has observed a surge in deepfake scams. Fraudsters use AI and other technologies to create fabricated, high-quality videos, images, audio, or text content that imitate public figures and successful businesspeople to promote scams.”

 

In April 2024, as reported by BitKE, FSCA opened investigations into online trading platform, BanxSo, into ‘possible contraventions of financial sector laws’ for deceptionally using images of prominent business figures like billionaires Elon Musk and Patrice Motsepe in its advertising and promotional efforts.

 

REGULATION | South African Financial Regulator, FSCA, Opens Investigations into Online Trading Platform, Banxso

A South African outlet investigation said that individuals who interacted with Immediate Matrix advertisements and subsequently registered on its platforms… pic.twitter.com/52CfoxLVDM

— BitKE (@BitcoinKE) April 22, 2024

In addition to unauthorised crypto-related financial services, other areas of heightened risk to financial customers in South Africa include:

Non-compliance with anti-money laundering regulations

Un-licenced over-the-counter derivative provider activities

Copy trading and signals

 

According to current crypto regulations, entities that continue operations without applying for registration could face a fine of up to R10 million or even a criminal conviction and a prison sentence of up to 10 years. The regulator is also prepared to shut down non-compliant firms.

 

Q&A | What FSCA Licensing for Crypto Assets Service Providers Means for South Africa – A Chat with #Binance Compliance

Below is the Q&A with Samukele Mkhize, Country Compliance Head/MLRO South Africa for Binance, regarding the FSCA’s licensing of crypto asset service providers… pic.twitter.com/qL62Gz8HE9

— BitKE (@BitcoinKE) April 25, 2024

 

 

 

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WEST AFRICA | West African ECOWAS States Move Closer Toward Launching a Single Currency Dubbed ECOAccording to reports in Nigeria, Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) have advanced plans to launch the single currency initiative known as the ECO. This follows a meeting that brought together key players including: Minister of Finance of Cape Verde, Mr. Olavo Correia The Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and The Ghanaian Minister of Finance, Mr. Mohammed Amin Adam amongst other representatives. According to a statement from Nigeria’s Ministry of Finance, the ECO will play a critical role in fostering ‘economic growth and development in the region.’   “The vision for the ECO extends beyond a mere currency.  It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region. The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction.  Participants emerged with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states.”   The statement noted that participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the 15 ECOWAS member states. Plans to launch the ECO in 2020 were suspended in 2019 with then Nigerian President, Muhammadu Buhari, terming the move premature and blaming foreign interference as playing a hand in the efforts.   [TECH] The Adoption of the Eco Single Currency by the Economic Community of West African States (ECOWAS) has been Suspended: The launch of the ECO single currency, which had been formally adopted by the Econ.. https://t.co/20EBArRQLU via @BitcoinKE — Top Kenyan Blogs (@Blogs_Kenya) September 19, 2020 At the time, ECOWAS comprised 15 states and a single currency adoption would have made it the strongest economic bloc in Africa but English-speaking nations felt that the ECO currency was a project by the French. In recent years, the organization has failed to reverse rampant coups in the region with military coups witnessed in Mali in 2020 and 2021, in Burkina Faso in 2022 and in Niger in 2023. All three countries withdrew from ECOWAS in January 2024 and are said to be pursuing their own single currency.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

WEST AFRICA | West African ECOWAS States Move Closer Toward Launching a Single Currency Dubbed ECO

According to reports in Nigeria, Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) have advanced plans to launch the single currency initiative known as the ECO.

This follows a meeting that brought together key players including:

Minister of Finance of Cape Verde, Mr. Olavo Correia

The Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and

The Ghanaian Minister of Finance, Mr. Mohammed Amin Adam

amongst other representatives.

According to a statement from Nigeria’s Ministry of Finance, the ECO will play a critical role in fostering ‘economic growth and development in the region.’

 

“The vision for the ECO extends beyond a mere currency.  It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.

The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction.  Participants emerged with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states.”

 

The statement noted that participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the 15 ECOWAS member states.

Plans to launch the ECO in 2020 were suspended in 2019 with then Nigerian President, Muhammadu Buhari, terming the move premature and blaming foreign interference as playing a hand in the efforts.

 

[TECH] The Adoption of the Eco Single Currency by the Economic Community of West African States (ECOWAS) has been Suspended: The launch of the ECO single currency, which had been formally adopted by the Econ.. https://t.co/20EBArRQLU via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) September 19, 2020

At the time, ECOWAS comprised 15 states and a single currency adoption would have made it the strongest economic bloc in Africa but English-speaking nations felt that the ECO currency was a project by the French.

In recent years, the organization has failed to reverse rampant coups in the region with military coups witnessed in Mali in 2020 and 2021, in Burkina Faso in 2022 and in Niger in 2023.

All three countries withdrew from ECOWAS in January 2024 and are said to be pursuing their own single currency.

 

 

 

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CRYPTO EDUCATION | Different Types of Market Makers and Their RolesToday, we will take a look at one of the key participants in the cryptocurrency market, a market maker. Crypto market makers are defined as individuals or entities that help maintain liquidity in the cryptocurrency market by placing buy and sell orders on order books. They work with crypto exchanges to improve trading execution and make platforms more attractive to users.   The Role of Market Makers The primary role of market makers is to ensure that there is a substantial supply and demand for a particular asset and a high level of trading activity. This guarantees quick order fulfillment, which is a hallmark of favorable market conditions and lower risk. Market makers set offer prices and bid prices for trading pairs, and can step in as a buyer or seller in a transaction when there’s no suitable counterparty available. However, not all market makers are the same, with some being accused of taking advantage of their role to earn profits at the expense of the health of the token. Below, we take a look at the different approaches for supplying liquidity for a primary listing via pre-market order construction are as follows: Parasitic: A parasitic MM exploits pre-market conditions by creating artificial scarcity and manipulating sentiment. They wait for retail bids to rise and then aggressively short the token, placing high sell orders to absorb demand, causing the token price to decline. This harmful strategy exploits initial demand, often causing irreversible market damage Transitory: The parasitic MM manipulates the pre-market order book, placing overwhelming sell orders to fill their positions and maximize fees or close OTC trades. This approach leads to a rapid market exit, removing potential price upside by heavily selling off the token Symbiotic: In contrast, the MM uses its understanding of the pre-market order book to strategically set up opening liquidity building long-term value and ensuring accurate price discovery. By providing liquidity on both sides, the MM facilitates an orderly price discovery process that reflects the asset’s true market value.     Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community ________________________________________ ________________________________________

CRYPTO EDUCATION | Different Types of Market Makers and Their Roles

Today, we will take a look at one of the key participants in the cryptocurrency market, a market maker.

Crypto market makers are defined as individuals or entities that help maintain liquidity in the cryptocurrency market by placing buy and sell orders on order books. They work with crypto exchanges to improve trading execution and make platforms more attractive to users.

 

The Role of Market Makers

The primary role of market makers is to ensure that there is a substantial supply and demand for a particular asset and a high level of trading activity. This guarantees quick order fulfillment, which is a hallmark of favorable market conditions and lower risk.

Market makers set offer prices and bid prices for trading pairs, and can step in as a buyer or seller in a transaction when there’s no suitable counterparty available.

However, not all market makers are the same, with some being accused of taking advantage of their role to earn profits at the expense of the health of the token.

Below, we take a look at the different approaches for supplying liquidity for a primary listing via pre-market order construction are as follows:

Parasitic: A parasitic MM exploits pre-market conditions by creating artificial scarcity and manipulating sentiment. They wait for retail bids to rise and then aggressively short the token, placing high sell orders to absorb demand, causing the token price to decline. This harmful strategy exploits initial demand, often causing irreversible market damage

Transitory: The parasitic MM manipulates the pre-market order book, placing overwhelming sell orders to fill their positions and maximize fees or close OTC trades. This approach leads to a rapid market exit, removing potential price upside by heavily selling off the token

Symbiotic: In contrast, the MM uses its understanding of the pre-market order book to strategically set up opening liquidity building long-term value and ensuring accurate price discovery. By providing liquidity on both sides, the MM facilitates an orderly price discovery process that reflects the asset’s true market value.

 

 

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Nigerian Crypto Trader Draws Praise After Refunding Over $13,000 in $SOL Tokens Wrongly Sent to HimA Nigerian crypto trader has received more than 35 $SOL tokens as members of the cryptocurrency community continue to reward him for his selfless act of honesty. In an interview, the trader, Femi Akinola, revealed that a crypto trader known as the Crypto Network on X had intended to send him $100 in Solana tokens ($SOL) as part of a giveaway but accidentally transferred 100 $SOL worth approximately 20 million Nigerian Naira (~$13,670). Upon discovering the mistake, the Crypto Network reached out to Akinola asking him to send back 90 SOL and keep 10 SOL as a goodwill gesture. According to The Crypto Network’s post on X, he was amazed when Akinola complied and swiftly returned the 90 SOL. I ACCIDENTALLY SENT SOMEONE 100 $SOL INSTEAD OF $100 THIS IS WHAT HAPPENED… GOD BLESS YOU @muchino67 pic.twitter.com/ps4O00YAtu — The Crypto Network (@raffayalvi) July 2, 2024   “I used to hear about similar incidents where people had to make ethical decisions and would think it was superhuman. But at that moment, all I could think of was my integrity and doing the right thing,” said Akinola who has continued to receive gifts in different tokens.   Akinola hopes that his actions will positively influence the perception of Nigerian traders in the global crypto community. He mentioned that he intends to leverage his newfound fame to organize free seminars aimed at educating people about cryptocurrency. Akinola was also asked about events in the African crypto community where he said that people should refrain from participating in pump-and-dump schemes, as such practices further contribute to the industry’s lack of trust. Nigerian Celebrity, #Davido, Among Stars Cashing in on Celebrity Pump and Dump Crypto Craze The Nigerian singer has a history of launching and promoting ‘multiple scams in the past,’ including ventures like RapDoge, Echoke, and Racksterli, the latter being an investment Ponzi… pic.twitter.com/Xir6DrV7fj — BitKE (@BitcoinKE) June 3, 2024 While revealing that it was a difficult decision upon discovering the large amount of $SOL tokens mistakenly sent to his account, he however chose to return the tokens, thanks to his Christian faith.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community ________________________________________ ________________________________________

Nigerian Crypto Trader Draws Praise After Refunding Over $13,000 in $SOL Tokens Wrongly Sent to Him

A Nigerian crypto trader has received more than 35 $SOL tokens as members of the cryptocurrency community continue to reward him for his selfless act of honesty.

In an interview, the trader, Femi Akinola, revealed that a crypto trader known as the Crypto Network on X had intended to send him $100 in Solana tokens ($SOL) as part of a giveaway but accidentally transferred 100 $SOL worth approximately 20 million Nigerian Naira (~$13,670).

Upon discovering the mistake, the Crypto Network reached out to Akinola asking him to send back 90 SOL and keep 10 SOL as a goodwill gesture. According to The Crypto Network’s post on X, he was amazed when Akinola complied and swiftly returned the 90 SOL.

I ACCIDENTALLY SENT SOMEONE 100 $SOL INSTEAD OF $100

THIS IS WHAT HAPPENED…

GOD BLESS YOU @muchino67 pic.twitter.com/ps4O00YAtu

— The Crypto Network (@raffayalvi) July 2, 2024

 

“I used to hear about similar incidents where people had to make ethical decisions and would think it was superhuman. But at that moment, all I could think of was my integrity and doing the right thing,” said Akinola who has continued to receive gifts in different tokens.

 

Akinola hopes that his actions will positively influence the perception of Nigerian traders in the global crypto community. He mentioned that he intends to leverage his newfound fame to organize free seminars aimed at educating people about cryptocurrency.

Akinola was also asked about events in the African crypto community where he said that people should refrain from participating in pump-and-dump schemes, as such practices further contribute to the industry’s lack of trust.

Nigerian Celebrity, #Davido, Among Stars Cashing in on Celebrity Pump and Dump Crypto Craze

The Nigerian singer has a history of launching and promoting ‘multiple scams in the past,’ including ventures like RapDoge, Echoke, and Racksterli, the latter being an investment Ponzi… pic.twitter.com/Xir6DrV7fj

— BitKE (@BitcoinKE) June 3, 2024

While revealing that it was a difficult decision upon discovering the large amount of $SOL tokens mistakenly sent to his account, he however chose to return the tokens, thanks to his Christian faith.

 

 

 

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BITCOIN | Bitcoin Experiences One of the Largest Realized Losses Since the FTX CollapseThe price of Bitcoin has recovered after hitting its lowest point in over four months. As per CoinGecko, the cryptocurrency is up 4.1% in the last 24 hours peaking at just over $56,400. In the last 24 hours the price of Bitcoin has gone as high as $57,109, according to Coingecko. Bitcoin had dipped to $53,717.34 the day before, its lowest since late February 2024, triggering one of the largest realized losses since the FTX collapse, specifically the 5th biggest realized loss since, according to crypto analysts.   “On July 5 [2024], within a one-hour resolution, Bitcoin’s aggregated realized loss soared to $814 million. $587 million of these losses were incurred by short-term holders who had held Bitcoin for one to three months. This demographic’s reaction to market turbulence highlights the vulnerability of short-term holders compared to their long-term counterparts.” – James Van Straten   Staraten notes that long-term holders however exhibited resilience, contributing minimally to the selling pressure.   “This stability from seasoned investors indicates confidence in Bitcoin’s long-term prospects, contrasting sharply with the short-term market fluctuations driven by newer entrants reacting to immediate news events.”   The drop was also attributed to announcements that the trustee for Mt. Gox was moving more billions worth of the cryptocurrency and later had begun making payments to certain creditors. The German Federal Criminal Police Office also moved over $75 million of Bitcoin it held to crypto exchanges. BITCOIN | Mt. Gox Moves Over 47,000 Bitcoins (BTC) to New Wallet Ahead of Planned Repayments in July 2024 In late June 2024, the defunct #Bitcoin exchange announced that it would begin distributing over $9 billion worth of funds in Bitcoin, Bitcoin Cash, and fiat currency to… pic.twitter.com/LtTvx9tGZo — BitKE (@BitcoinKE) July 5, 2024 However, Julio Moreno, Head of Research for CryptoQuant, does not see the latter reasons as bearing much significance in the market at the moment.   “Prices have fallen mostly due to selling/profit taking from large investors (whales) and mid-size miners,” he stated via Telegram. “Selling from Mt. Gox and other entities (German Government) is relatively small compared to the overall pool of money in Bitcoin.”       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community ______________________________________ ______________________________________

BITCOIN | Bitcoin Experiences One of the Largest Realized Losses Since the FTX Collapse

The price of Bitcoin has recovered after hitting its lowest point in over four months. As per CoinGecko, the cryptocurrency is up 4.1% in the last 24 hours peaking at just over $56,400.

In the last 24 hours the price of Bitcoin has gone as high as $57,109, according to Coingecko.

Bitcoin had dipped to $53,717.34 the day before, its lowest since late February 2024, triggering one of the largest realized losses since the FTX collapse, specifically the 5th biggest realized loss since, according to crypto analysts.

 

“On July 5 [2024], within a one-hour resolution, Bitcoin’s aggregated realized loss soared to $814 million. $587 million of these losses were incurred by short-term holders who had held Bitcoin for one to three months. This demographic’s reaction to market turbulence highlights the vulnerability of short-term holders compared to their long-term counterparts.”

– James Van Straten

 

Staraten notes that long-term holders however exhibited resilience, contributing minimally to the selling pressure.

 

“This stability from seasoned investors indicates confidence in Bitcoin’s long-term prospects, contrasting sharply with the short-term market fluctuations driven by newer entrants reacting to immediate news events.”

 

The drop was also attributed to announcements that the trustee for Mt. Gox was moving more billions worth of the cryptocurrency and later had begun making payments to certain creditors. The German Federal Criminal Police Office also moved over $75 million of Bitcoin it held to crypto exchanges.

BITCOIN | Mt. Gox Moves Over 47,000 Bitcoins (BTC) to New Wallet Ahead of Planned Repayments in July 2024

In late June 2024, the defunct #Bitcoin exchange announced that it would begin distributing over $9 billion worth of funds in Bitcoin, Bitcoin Cash, and fiat currency to… pic.twitter.com/LtTvx9tGZo

— BitKE (@BitcoinKE) July 5, 2024

However, Julio Moreno, Head of Research for CryptoQuant, does not see the latter reasons as bearing much significance in the market at the moment.

 

“Prices have fallen mostly due to selling/profit taking from large investors (whales) and mid-size miners,” he stated via Telegram.

“Selling from Mt. Gox and other entities (German Government) is relatively small compared to the overall pool of money in Bitcoin.”

 

 

 

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REPORT | Funding to African Startups Declines Over 50% YoY to $780 Million in H1 2024Startups across Africa raised $780 million between January and June 2024 (H1 2024), a 31% decline compared to H2 2023 figures and an even starker 57% decline compared to H1 2023. The data, compiled by Africa: the Big Deal, further reveals that two-thirds of this funding was in the form of equity, and a third was debt.   “4 out of 5 dollars invested in start-ups in Africa went to ventures based in the Big Four. This is high, but not the highest we’ve seen (92% back in H1 2023). A third of all the funding went to Kenya alone,” says the report. “The sector to attract most funding was Transport & Logistics (28%), with two of the three largest deals announced in H1 (Moove and Spiro). While Fintech came only second in amount raised, it stayed in the lead in terms of number of startups raising $1m or more during the period (30).”   According to the Big Deal, only a fraction of the funding continued to go to female-founded and female-led start-ups with 85% of the funding going to ventures without a single female founder and 92% to companies with a male CEO. The decline in startup funding continues the downtrend witnessed in 2023 when Africa’s technology startups raised a total of $3.5 billion across 547 deals representing a 46% decline compared to the previous year [2022].   REPORT | Francophone Africa Was the ONLY African Region to Demonstrate YoY Growth in Number of Deals and Investor Participation in 2023 The region displayed resilience in terms of the number of deals, reaching a total of 93 deals and marking… pic.twitter.com/9gzG9uLEmk — BitKE (@BitcoinKE) February 6, 2024 Moreover, Y-Combinator, one of the most attractive venture players and accelerator for African startups has scaled down its investments on the continent as the global economy contracts. Fewer startups from the continent are being accepted to the accelerator’s bi-annual programs.   ARTIFICIAL INTELLIGENCE | AI Startups Dominate ‘Most Selective Cohort [W24] in YC History’ with Just 3 Startups from Africa “With an acceptance rate under 1%, this was one of the most selective cohorts in YC history. Many of the companies in this batch – at least 50% – are… pic.twitter.com/MBu0oSZltB — BitKE (@BitcoinKE) April 15, 2024 The Big Deal newsletter run by Max Cuvellier will be providing deeper insights into the continent’s H1 results in the coming weeks – including during a live event on July 23 2024.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

REPORT | Funding to African Startups Declines Over 50% YoY to $780 Million in H1 2024

Startups across Africa raised $780 million between January and June 2024 (H1 2024), a 31% decline compared to H2 2023 figures and an even starker 57% decline compared to H1 2023.

The data, compiled by Africa: the Big Deal, further reveals that two-thirds of this funding was in the form of equity, and a third was debt.

 

“4 out of 5 dollars invested in start-ups in Africa went to ventures based in the Big Four. This is high, but not the highest we’ve seen (92% back in H1 2023). A third of all the funding went to Kenya alone,” says the report.

“The sector to attract most funding was Transport & Logistics (28%), with two of the three largest deals announced in H1 (Moove and Spiro). While Fintech came only second in amount raised, it stayed in the lead in terms of number of startups raising $1m or more during the period (30).”

 

According to the Big Deal, only a fraction of the funding continued to go to female-founded and female-led start-ups with 85% of the funding going to ventures without a single female founder and 92% to companies with a male CEO.

The decline in startup funding continues the downtrend witnessed in 2023 when Africa’s technology startups raised a total of $3.5 billion across 547 deals representing a 46% decline compared to the previous year [2022].

 

REPORT | Francophone Africa Was the ONLY African Region to Demonstrate YoY Growth in Number of Deals and Investor Participation in 2023

The region displayed resilience in terms of the number of deals, reaching a total of 93 deals and marking… pic.twitter.com/9gzG9uLEmk

— BitKE (@BitcoinKE) February 6, 2024

Moreover, Y-Combinator, one of the most attractive venture players and accelerator for African startups has scaled down its investments on the continent as the global economy contracts. Fewer startups from the continent are being accepted to the accelerator’s bi-annual programs.

 

ARTIFICIAL INTELLIGENCE | AI Startups Dominate ‘Most Selective Cohort [W24] in YC History’ with Just 3 Startups from Africa

“With an acceptance rate under 1%, this was one of the most selective cohorts in YC history.

Many of the companies in this batch – at least 50% – are… pic.twitter.com/MBu0oSZltB

— BitKE (@BitcoinKE) April 15, 2024

The Big Deal newsletter run by Max Cuvellier will be providing deeper insights into the continent’s H1 results in the coming weeks – including during a live event on July 23 2024.

 

 

 

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BITCOIN | Mt. Gox Moves Over 47,000 Bitcoins (BTC) to New Wallet Ahead of Planned Repayments in J...The estate of the defunct crypto exchange, Mt. Gox, has transferred over 47,000 BTC ahead of its plan to repay $9 billion BTC to creditors. One of Mt Gox’s three wallets that held significant portions of funds sent around 47,228.7 BTC (about $2.71 billion) to a wallet address that ends with ‘6onk.’ According to blockchain analytics platform, Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 2024 out from ‘cold storage.‘ In late June 2024, the defunct bitcoin exchange announced that it would begin distributing over $9 billion worth of funds in Bitcoin, Bitcoin Cash, and fiat currency to its creditors in early July 2024.   #BITCOIN | Over 141K BTC Supply May Hit the Market as Mt Gox Prepares to Make Distributions The defunct crypto exchange reportedly transferred over, 141K BTC, worth over $9 billion, from its cold wallets, bringing some panic to the market. Launched in 2010, Mt. Gox quickly… pic.twitter.com/OTZMtty1pm — BitKE (@BitcoinKE) June 20, 2024 Bitcoin’s value has fluctuated since Mt. Gox made the announcement, losing some of the gains it has so far made in 2024. The cryptocurrency is currently trading around $55,250 (as of this writing), which represents over 7% drop in the past 24 hours and over 20% decline over the past 30 days. Launched in 2010, Mt. Gox quickly gained popularity and became the largest bitcoin exchange by 2013, handling 70% of all bitcoin trades globally. However, in early 2014, it halted all withdrawals and suspended trading. Shortly after, the site went offline, and the company filed for bankruptcy protection after losing over 800,000 bitcoins. The supply and demand dynamics of Bitcoin have been favourable to bulls in 2024. April 2024’s halving event reduced the number of new Bitcoin entering circulation, while the launch of ETFs at the start of the year increased institutional demand. The more than 100,000 previously dormant Bitcoin that Mt. Gox’s trustees could imminently unleash on the market may swing the scales.       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community ______________________________________ ______________________________________

BITCOIN | Mt. Gox Moves Over 47,000 Bitcoins (BTC) to New Wallet Ahead of Planned Repayments in J...

The estate of the defunct crypto exchange, Mt. Gox, has transferred over 47,000 BTC ahead of its plan to repay $9 billion BTC to creditors.

One of Mt Gox’s three wallets that held significant portions of funds sent around 47,228.7 BTC (about $2.71 billion) to a wallet address that ends with ‘6onk.’

According to blockchain analytics platform, Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 2024 out from ‘cold storage.‘

In late June 2024, the defunct bitcoin exchange announced that it would begin distributing over $9 billion worth of funds in Bitcoin, Bitcoin Cash, and fiat currency to its creditors in early July 2024.

 

#BITCOIN | Over 141K BTC Supply May Hit the Market as Mt Gox Prepares to Make Distributions

The defunct crypto exchange reportedly transferred over, 141K BTC, worth over $9 billion, from its cold wallets, bringing some panic to the market.

Launched in 2010, Mt. Gox quickly… pic.twitter.com/OTZMtty1pm

— BitKE (@BitcoinKE) June 20, 2024

Bitcoin’s value has fluctuated since Mt. Gox made the announcement, losing some of the gains it has so far made in 2024. The cryptocurrency is currently trading around $55,250 (as of this writing), which represents over 7% drop in the past 24 hours and over 20% decline over the past 30 days.

Launched in 2010, Mt. Gox quickly gained popularity and became the largest bitcoin exchange by 2013, handling 70% of all bitcoin trades globally. However, in early 2014, it halted all withdrawals and suspended trading.

Shortly after, the site went offline, and the company filed for bankruptcy protection after losing over 800,000 bitcoins.

The supply and demand dynamics of Bitcoin have been favourable to bulls in 2024. April 2024’s halving event reduced the number of new Bitcoin entering circulation, while the launch of ETFs at the start of the year increased institutional demand.

The more than 100,000 previously dormant Bitcoin that Mt. Gox’s trustees could imminently unleash on the market may swing the scales.

 

 

 

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Join and interact with our Telegram community

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LAUNCH | Unstoppable Domains Launches First Buy and Sell Marketplace for Tokenized ‘.com’ DomainsLeading Web3 domains and digital identity provider, Unstoppable Domains, has announced the launch of the Unstoppable Marketplace for Web3 and – for the first time in the industry – tokenized ‘.com’ domains, enabling users to seamlessly list and buy a range of Web3-enabled domains. “In the ever-evolving world of Web3, the need for a seamless and user-friendly platform to trade onchain domain names has never been greater,” said Sandy Carter, Chief Operating Officer at Unstoppable Domains. “We are excited to announce the launch of the Unstoppable Marketplace, allowing users an easy way to buy and list Unstoppable Web3 and tokenized .com domains directly on our website.” Tokenization lets you bring your .com Web2 domains on-chain to unlock Unstoppable Web3 domain features. Like any Web3 domain from Unstoppable, tokenized .com domains are stored in your digital wallet and function in the same way with an incredible suite of added functionality. This means you can add your cryptocurrency addresses to your .com domain to simplify sending and receiving crypto, eliminating the need for complex wallet addresses. Tokenization of .Com Domains Tokenization lets you bring your .com Web2 domains on-chain to unlock Unstoppable Web3 domain features such as adding your crypto wallet to simplify sending and receiving crypto. The magic of tokenization is that your .com domain will retain all its… pic.twitter.com/qy3PA1zxz1 — BitKE (@BitcoinKE) July 4, 2024 One of the new marketplace’s main goals is to make domain trading as easy, streamlined, and convenient as possible – from listing or buying to completing transactions and managing transfers. To this end, alongside cryptocurrency payments, the platform has added support for credit card and PayPal payments and Apple Pay and Google Pay on mobile devices.  This allows non-crypto-native users to effortlessly make transactions under $10,000. The platform is the first marketplace in the Web3 industry to support these traditional payment methods. Similarly, Unstoppable Marketplace is also pioneering support for tokenized .com domain trading, offering unparalleled access to a variety of tokenized domain options. During a demo with some of Unstoppable’s top users, feedback was positive. One user remarked: “The interface is incredibly easy to navigate,” while another praised it as “a great way to showcase a marketplace for both onchain domains from .com to .crypto.” Earlier this year [2024], Unstoppable announced it was bridging the gap between Web2 and Web3 by launching tokenization for .com domains. When tokenized, traditional domains such as ‘.com’ become dynamic, tradable assets that can be easily bought, sold, and leased, enhancing their market reach. Tokenization also extends the utility of conventional domains. This includes sending and receiving cryptocurrency via a domain, linking it to a decentralized website, or using it as a unique identifier. These domains can also be connected to social profiles, digital assets, and business operations, creating a unified and robust online presence. [TECH] Unstoppable Domains Launches .Polygon Web3 Domains in Partnership with Polygon Layer 2: Unstoppable Domains, the leading Web3 domain provider, has partnered with Polygon Labs to launch a new domain en.. https://t.co/v2uDi1VYYh via @BitcoinKE — Top Kenyan Blogs (@Blogs_Kenya) March 16, 2023 For sellers, the marketplace offers a suite of streamlined features and functionality that allows them to: Easily list and manage their domains Access a wider audience thanks to flexible payment options, and Enjoy hands-off automatic transfers after a domain is purchased, ensuring a seamless and hassle-free experience On the buyers’ side, Unstoppable Marketplace allows users to: Quickly and conveniently discover Web3 and tokenized .com domains in one place Enjoy the convenience of both traditional and crypto payment methods, and Benefit from automatic and guaranteed domain transfers after purchase, ensuring that bought assets are received promptly and securely   For more information, please visit:  unstoppablemarketplace.com Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community ___________________________________________ ___________________________________________

LAUNCH | Unstoppable Domains Launches First Buy and Sell Marketplace for Tokenized ‘.com’ Domains

Leading Web3 domains and digital identity provider, Unstoppable Domains, has announced the launch of the Unstoppable Marketplace for Web3 and – for the first time in the industry – tokenized ‘.com’ domains, enabling users to seamlessly list and buy a range of Web3-enabled domains. “In the ever-evolving world of Web3, the need for a seamless and user-friendly platform to trade onchain domain names has never been greater,” said Sandy Carter, Chief Operating Officer at Unstoppable Domains. “We are excited to announce the launch of the Unstoppable Marketplace, allowing users an easy way to buy and list Unstoppable Web3 and tokenized .com domains directly on our website.” Tokenization lets you bring your .com Web2 domains on-chain to unlock Unstoppable Web3 domain features. Like any Web3 domain from Unstoppable, tokenized .com domains are stored in your digital wallet and function in the same way with an incredible suite of added functionality. This means you can add your cryptocurrency addresses to your .com domain to simplify sending and receiving crypto, eliminating the need for complex wallet addresses.

Tokenization of .Com Domains

Tokenization lets you bring your .com Web2 domains on-chain to unlock Unstoppable Web3 domain features such as adding your crypto wallet to simplify sending and receiving crypto.

The magic of tokenization is that your .com domain will retain all its… pic.twitter.com/qy3PA1zxz1

— BitKE (@BitcoinKE) July 4, 2024

One of the new marketplace’s main goals is to make domain trading as easy, streamlined, and convenient as possible – from listing or buying to completing transactions and managing transfers. To this end, alongside cryptocurrency payments, the platform has added support for credit card and PayPal payments and Apple Pay and Google Pay on mobile devices.  This allows non-crypto-native users to effortlessly make transactions under $10,000. The platform is the first marketplace in the Web3 industry to support these traditional payment methods. Similarly, Unstoppable Marketplace is also pioneering support for tokenized .com domain trading, offering unparalleled access to a variety of tokenized domain options. During a demo with some of Unstoppable’s top users, feedback was positive. One user remarked: “The interface is incredibly easy to navigate,” while another praised it as “a great way to showcase a marketplace for both onchain domains from .com to .crypto.” Earlier this year [2024], Unstoppable announced it was bridging the gap between Web2 and Web3 by launching tokenization for .com domains. When tokenized, traditional domains such as ‘.com’ become dynamic, tradable assets that can be easily bought, sold, and leased, enhancing their market reach. Tokenization also extends the utility of conventional domains. This includes sending and receiving cryptocurrency via a domain, linking it to a decentralized website, or using it as a unique identifier. These domains can also be connected to social profiles, digital assets, and business operations, creating a unified and robust online presence.

[TECH] Unstoppable Domains Launches .Polygon Web3 Domains in Partnership with Polygon Layer 2: Unstoppable Domains, the leading Web3 domain provider, has partnered with Polygon Labs to launch a new domain en.. https://t.co/v2uDi1VYYh via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) March 16, 2023

For sellers, the marketplace offers a suite of streamlined features and functionality that allows them to:

Easily list and manage their domains

Access a wider audience thanks to flexible payment options, and

Enjoy hands-off automatic transfers after a domain is purchased, ensuring a seamless and hassle-free experience

On the buyers’ side, Unstoppable Marketplace allows users to:

Quickly and conveniently discover Web3 and tokenized .com domains in one place

Enjoy the convenience of both traditional and crypto payment methods, and

Benefit from automatic and guaranteed domain transfers after purchase, ensuring that bought assets are received promptly and securely

 

For more information, please visit:  unstoppablemarketplace.com

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

___________________________________________

___________________________________________
REGULATION | Bank of Zambia Plans to Criminalize Foreign Currency Use Amid Kwacha RallyThe [Central] Bank of Zambia has published plans to criminalize the use of foreign currency in the local economy amid the biggest rally in the Kwacha in four months. A draft document shared by the Bank of Zambia indicate that persons found using foreign currency for domestic transactions may face prison terms of up to 10 years or fines.   “When people basically are functioning significantly in dollars, then obviously the tools which we have to actually carrying out our mandate are blunted,” said Bank of Zambia Deputy Governor, Francis Chipimo. “External shocks are also in a way exacerbated in our market.”   According to Bloomberg, the Kwacha has been among the world’s worst-performing currencies over the past 12 months, depreciating by 28%. The southern African nation has faced severe currency volatility over the past five years, driving up the cost of imports and fanning inflation, which neared a two and a half year high this month. Companies, from car dealers to mall landlords and hotels, often charge in dollars, shunning the local Kwacha. Nonetheless, the currency experienced a significant rebound in June 2024 to become the top performer worldwide. It gained about 7% on June 30 2024. The Kwacha’s resurgence follows the government’s resolution of nearly four years of default on its dollar bonds and receipt of a substantial $570 million payment from the International Monetary Fund (IMF). Factors contributing to the currency’s volatility include: The prolonged debt restructuring process A sharp decline in 2023 in copper output (Zambia’s primary export earnings source), and more recently, A severe drought that has escalated the country’s import costs Moreover, the servicing of its restructured dollar bonds may add to foreign currency pressures. Zambia previously introduced similar restrictions on the use of foreign currency in May 2012, only to abolish them less than two years later. The central bank’s current discussions with market participants aim to finalize the proposed rules, ensuring they are effective and sustainable.     Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

REGULATION | Bank of Zambia Plans to Criminalize Foreign Currency Use Amid Kwacha Rally

The [Central] Bank of Zambia has published plans to criminalize the use of foreign currency in the local economy amid the biggest rally in the Kwacha in four months.

A draft document shared by the Bank of Zambia indicate that persons found using foreign currency for domestic transactions may face prison terms of up to 10 years or fines.

 

“When people basically are functioning significantly in dollars, then obviously the tools which we have to actually carrying out our mandate are blunted,” said Bank of Zambia Deputy Governor, Francis Chipimo.

“External shocks are also in a way exacerbated in our market.”

 

According to Bloomberg, the Kwacha has been among the world’s worst-performing currencies over the past 12 months, depreciating by 28%.

The southern African nation has faced severe currency volatility over the past five years, driving up the cost of imports and fanning inflation, which neared a two and a half year high this month. Companies, from car dealers to mall landlords and hotels, often charge in dollars, shunning the local Kwacha.

Nonetheless, the currency experienced a significant rebound in June 2024 to become the top performer worldwide. It gained about 7% on June 30 2024.

The Kwacha’s resurgence follows the government’s resolution of nearly four years of default on its dollar bonds and receipt of a substantial $570 million payment from the International Monetary Fund (IMF).

Factors contributing to the currency’s volatility include:

The prolonged debt restructuring process

A sharp decline in 2023 in copper output (Zambia’s primary export earnings source), and more recently,

A severe drought that has escalated the country’s import costs

Moreover, the servicing of its restructured dollar bonds may add to foreign currency pressures.

Zambia previously introduced similar restrictions on the use of foreign currency in May 2012, only to abolish them less than two years later. The central bank’s current discussions with market participants aim to finalize the proposed rules, ensuring they are effective and sustainable.

 

 

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Join and interact with our Telegram community

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REGULATION | KuCoin to Charge 7.5% Value Added Tax (VAT) on Crypto Transactions in Nigeria Follow...Crypto exchange, KuCoin, says it will start collecting a 7.5% value-added tax on trading fees from its Nigerian users starting from July 8 2024.   “We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria,” KuCoin said. “Starting from July 8 2024, we will begin collecting a Value-Added Tax (“VAT”) at a rate of 7.5 per cent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”   According to KuCoin, the 7.5% fee will apply to each trade’s transaction fees, not the transaction amount. It added that the fee covers all transaction types that Nigerian users can perform on its platform. The company attributed its new decision to ‘an important regulatory update’ even though other crypto trading platforms in the country, like ByBit and Binance, are yet to reveal such tax measures for their users. The move comes just over a week after the Nigerian Securities and Exchange Commission (SEC) issued a notice asking local crypto firms to apply for registration under its amended rules in less than 30 days.   REGULATION | Nigeria SEC Issues a Notice for Onboarding VASPs in 30 Days Due to ‘Current Realities’ Following the 30-day-period, the Commission indicated that it would commence enforcement action against any operating VASP that fails to comply with the directives.… pic.twitter.com/ThvMC4MwFQ — BitKE (@BitcoinKE) June 22, 2024 KuCoin was one of the exchanges that suspended some of its services, including P2P, as the federal government clamped down on crypto firms earlier this year.   REGULATION | Crypto Exchanges to Stop StableCoin Sales in Nigeria Amid Apparent Crackdown “There was a meeting of crypto founders on Tuesday [February 27 2024] morning, and a number of them agreed to suspend the trades on their platform,” a person at that meeting told a local… pic.twitter.com/iiYBuYrpOu — BitKE (@BitcoinKE) February 29, 2024   “Starting from 2024-05-15 08:00 (UTC), we will temporarily suspend all P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards. During this temporary pause, we will be focusing on ensuring compliance and creating a more robust and secure environment for all our users,” KuCoin said at the time.   Exchanges operating in the country have been under scrutiny as authorities believe that crypto platforms facilitate speculation and potential manipulation of exchange rates. Coinbase, Quidax, and Binance were also affected.       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

REGULATION | KuCoin to Charge 7.5% Value Added Tax (VAT) on Crypto Transactions in Nigeria Follow...

Crypto exchange, KuCoin, says it will start collecting a 7.5% value-added tax on trading fees from its Nigerian users starting from July 8 2024.

 

“We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria,” KuCoin said.

“Starting from July 8 2024, we will begin collecting a Value-Added Tax (“VAT”) at a rate of 7.5 per cent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”

 

According to KuCoin, the 7.5% fee will apply to each trade’s transaction fees, not the transaction amount. It added that the fee covers all transaction types that Nigerian users can perform on its platform.

The company attributed its new decision to ‘an important regulatory update’ even though other crypto trading platforms in the country, like ByBit and Binance, are yet to reveal such tax measures for their users.

The move comes just over a week after the Nigerian Securities and Exchange Commission (SEC) issued a notice asking local crypto firms to apply for registration under its amended rules in less than 30 days.

 

REGULATION | Nigeria SEC Issues a Notice for Onboarding VASPs in 30 Days Due to ‘Current Realities’

Following the 30-day-period, the Commission indicated that it would commence enforcement action against any operating VASP that fails to comply with the directives.… pic.twitter.com/ThvMC4MwFQ

— BitKE (@BitcoinKE) June 22, 2024

KuCoin was one of the exchanges that suspended some of its services, including P2P, as the federal government clamped down on crypto firms earlier this year.

 

REGULATION | Crypto Exchanges to Stop StableCoin Sales in Nigeria Amid Apparent Crackdown

“There was a meeting of crypto founders on Tuesday [February 27 2024] morning, and a number of them agreed to suspend the trades on their platform,” a person at that meeting told a local… pic.twitter.com/iiYBuYrpOu

— BitKE (@BitcoinKE) February 29, 2024

 

“Starting from 2024-05-15 08:00 (UTC), we will temporarily suspend all P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards. During this temporary pause, we will be focusing on ensuring compliance and creating a more robust and secure environment for all our users,” KuCoin said at the time.

 

Exchanges operating in the country have been under scrutiny as authorities believe that crypto platforms facilitate speculation and potential manipulation of exchange rates. Coinbase, Quidax, and Binance were also affected.

 

 

 

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Electronics Giant, Sony, to Launch Crypto Exchange Dubbed S.BLOX As It Intensifies Web3 PresenceJapanese electronics giant, Sony, plans to re-launch the crypto exchange, WhaleFin, which it bought from digital asset platform, Amber Group, in 2023. According to a press release, WhaleFin has been renamed to S.BLOX Co., which plans to collaborate with Sony Group’s other businesses to generate additional value for its crypto trading service. The revamp also includes a re-design of the user interface and a new mobile app that will be easier to use, the release said. The exact launch date of S.BLOX crypto exchange has not been announced. While part of Amber Group, WhaleFin was an ambitious global exchange that, as reported by BitKE in 2022, supported the company’s 24/7 trading desk said to serve over a thousand institutional clients globally. WhaleFin served the individual investors via mobile and desktop applications.   [JUNE 22-AUGUST 24, 2022]’Learn Crypto with WhaleFin Africa’ Educational Series Launches for 10-Weeks WhaleFin is Amber Group’s flagship digital asset platform, empowering users with the right tools to build wealth in a digital erahttps://t.co/dxd2KqQZRE @ambergroup_io pic.twitter.com/wxSxLbihYZ — BitKE (@BitcoinKE) June 22, 2022 WhaleFin was introduced to Japan in 2022 after Amber Group, through local subsidiary, Amber Japan, purchased the Japanese crypto exchange, DeCurret.  Last year [2023], Bloomberg reported that the Hong Kong-based Amber Group was planning to sell its Japan unit due to the strict regulations in the nation, which had seen the likes of Coinbase and Kraken also quit. The company wanted to put focus more on institutional than retail customers. In August 2023, WhaleFin, which had been operating cryptocurrency trading services, was acquired by Sony’s wholly-owned subsidiary, Quetta Web Co., leading up to the announcement on July 1 2024 that the platform was re-branding to S.BLOX. Sony has been actively working to increase its footprint in Web3. Last year [2023], Sony Network Communications, a division of the conglomerate, collaborated with Japanese blockchain company, Startale Labs, to develop its own public blockchain network. In February 2024, Sony Innovation Fund: Africa, the venture capital branch of Sony Group Corporation, made a strategic investment in Carry1st, the leading Web3 game publisher and digital commerce platform from South Africa.   FUNDING | Leading African Web3 Gaming Publisher, Carry1st, Announces Strategic Investment from Sony Innovation Fund The mission of the Sony Innovation Fund: Africa is to foster the growth of entertainment businesses on the continent. Focused on early-stage and seed-stage… pic.twitter.com/8PFePwXUdk — BitKE (@BitcoinKE) February 5, 2024 The PlayStation maker also filed a patent last year for more flexible use of NFTs as in-game assets that it dubbed “super-fungible tokens.”       Follow us on Twitter for the latest posts and updates Join and interact with our Telegram community ___________________________________________ ___________________________________________

Electronics Giant, Sony, to Launch Crypto Exchange Dubbed S.BLOX As It Intensifies Web3 Presence

Japanese electronics giant, Sony, plans to re-launch the crypto exchange, WhaleFin, which it bought from digital asset platform, Amber Group, in 2023.

According to a press release, WhaleFin has been renamed to S.BLOX Co., which plans to collaborate with Sony Group’s other businesses to generate additional value for its crypto trading service.

The revamp also includes a re-design of the user interface and a new mobile app that will be easier to use, the release said.

The exact launch date of S.BLOX crypto exchange has not been announced.

While part of Amber Group, WhaleFin was an ambitious global exchange that, as reported by BitKE in 2022, supported the company’s 24/7 trading desk said to serve over a thousand institutional clients globally. WhaleFin served the individual investors via mobile and desktop applications.

 

[JUNE 22-AUGUST 24, 2022]’Learn Crypto with WhaleFin Africa’ Educational Series Launches for 10-Weeks

WhaleFin is Amber Group’s flagship digital asset platform, empowering users with the right tools to build wealth in a digital erahttps://t.co/dxd2KqQZRE @ambergroup_io pic.twitter.com/wxSxLbihYZ

— BitKE (@BitcoinKE) June 22, 2022

WhaleFin was introduced to Japan in 2022 after Amber Group, through local subsidiary, Amber Japan, purchased the Japanese crypto exchange, DeCurret. 

Last year [2023], Bloomberg reported that the Hong Kong-based Amber Group was planning to sell its Japan unit due to the strict regulations in the nation, which had seen the likes of Coinbase and Kraken also quit. The company wanted to put focus more on institutional than retail customers.

In August 2023, WhaleFin, which had been operating cryptocurrency trading services, was acquired by Sony’s wholly-owned subsidiary, Quetta Web Co., leading up to the announcement on July 1 2024 that the platform was re-branding to S.BLOX.

Sony has been actively working to increase its footprint in Web3. Last year [2023], Sony Network Communications, a division of the conglomerate, collaborated with Japanese blockchain company, Startale Labs, to develop its own public blockchain network.

In February 2024, Sony Innovation Fund: Africa, the venture capital branch of Sony Group Corporation, made a strategic investment in Carry1st, the leading Web3 game publisher and digital commerce platform from South Africa.

 

FUNDING | Leading African Web3 Gaming Publisher, Carry1st, Announces Strategic Investment from Sony Innovation Fund

The mission of the Sony Innovation Fund: Africa is to foster the growth of entertainment businesses on the continent.

Focused on early-stage and seed-stage… pic.twitter.com/8PFePwXUdk

— BitKE (@BitcoinKE) February 5, 2024

The PlayStation maker also filed a patent last year for more flexible use of NFTs as in-game assets that it dubbed “super-fungible tokens.”

 

 

 

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PARTNERSHIP | DahabShiil, Africa’s Oldest Remittance Operator, Enters Deal With M-PESA Ethiopia t...East African money transfer service, DahabShiil, and Safaricom Ethiopia’s M-PESA, have signed a partnership that will enable the Ethiopian diaspora to send money directly to M-PESA mobile wallets. The partnership will simplify sending money to Ethiopia from the diaspora, streamlining the remittance process and translating to faster transfers and increased security. DahabShiil is one of the oldest remittance operators on the continent having been founded in 1970 as a remittance venture to enable migrants to send money to family and friends back in the countries of East Africa. The company has grown to be the largest African money transfer business and its services can be accessed across 150 countries worldwide, 51 of which are in Africa. It serves not just individual customers but also international organisations, including the United Nations, the World Bank, Oxfam and Save the Children.   “We are delighted we have partnered with Safaricom’s M-PESA Ethiopia, giving our diaspora customers another channel to send money there, further enabling them to support their loved ones,” Musse Mohamed, Ethiopia’s country representative in Dahabshiil said in a statement.   M-PESA, which activated its services in Ethiopia in August 2023, has reportedly amassed more than 3 million customers in East Africa’s largest economy,  and by December 31, 2023, had over 26,400 M-PESA agents and over 43,100 merchants.   “We are delighted to partner with Dahabshiil, a leading player in international money transfers. Together, we share a vision of financial inclusion and driving economic development,” said M-PESA’s acting Chief Digital Finance Officer, Anthony Kang’ethe.   MILESTONE | Safaricom M-PESA Customers in Ethiopia Cross 3 Million as Data Usage Surpasses Kenya in Just 6 Months The Kenyan telco launched commercial operations in Ethiopia in October 2022, and according to CEO, Peter Ndegwa, the company has covered 33% of the population… pic.twitter.com/JeQVa0d5RD — BitKE (@BitcoinKE) February 15, 2024   M-PESA parent, Safaricom, launched commercial operations in Ethiopia in October 2022 one of the first major entrants as Abiy Ahmed’s government began to liberalize the economy.   M-PESA Mobile Money Service Gets Licensed to Operate in Ethiopia – Africa’s Second Most Populous Nation M-PESA is expected to bring stiff competition to Ethiopia’s sole mobile money operator, Telebirr, which was only launched in May 2021.https://t.co/s3KKSkrW0U pic.twitter.com/5powhjRMhJ — BitKE (@BitcoinKE) October 9, 2022 Since then, the financial sector has witnessed more linkages with M-PESA integrating with several local banks. Ethiopia’s cabinet also recently approved 2 major laws that are set to bring further liberalization and modernization of the country’s financial sector, one of which includes introducing a Central Bank Digital Currency (CBDC).   REGULATION | Ethiopia’s Council of Ministers Approves Major Financial Sector Reforms including Establishment of CBDC Regulatory Framework The central bank classifies digital currencies, including Bitcoin and other cryptocurrencies, https://t.co/ya5RQMoOex pic.twitter.com/NqW5RL9dE9 — Kichuu (@kichuu24) June 19, 2024       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community _________________________________________ _________________________________________

PARTNERSHIP | DahabShiil, Africa’s Oldest Remittance Operator, Enters Deal With M-PESA Ethiopia t...

East African money transfer service, DahabShiil, and Safaricom Ethiopia’s M-PESA, have signed a partnership that will enable the Ethiopian diaspora to send money directly to M-PESA mobile wallets.

The partnership will simplify sending money to Ethiopia from the diaspora, streamlining the remittance process and translating to faster transfers and increased security.

DahabShiil is one of the oldest remittance operators on the continent having been founded in 1970 as a remittance venture to enable migrants to send money to family and friends back in the countries of East Africa.

The company has grown to be the largest African money transfer business and its services can be accessed across 150 countries worldwide, 51 of which are in Africa. It serves not just individual customers but also international organisations, including the United Nations, the World Bank, Oxfam and Save the Children.

 

“We are delighted we have partnered with Safaricom’s M-PESA Ethiopia, giving our diaspora customers another channel to send money there, further enabling them to support their loved ones,” Musse Mohamed, Ethiopia’s country representative in Dahabshiil said in a statement.

 

M-PESA, which activated its services in Ethiopia in August 2023, has reportedly amassed more than 3 million customers in East Africa’s largest economy,  and by December 31, 2023, had over 26,400 M-PESA agents and over 43,100 merchants.

 

“We are delighted to partner with Dahabshiil, a leading player in international money transfers. Together, we share a vision of financial inclusion and driving economic development,” said M-PESA’s acting Chief Digital Finance Officer, Anthony Kang’ethe.

 

MILESTONE | Safaricom M-PESA Customers in Ethiopia Cross 3 Million as Data Usage Surpasses Kenya in Just 6 Months

The Kenyan telco launched commercial operations in Ethiopia in October 2022, and according to CEO, Peter Ndegwa, the company has covered 33% of the population… pic.twitter.com/JeQVa0d5RD

— BitKE (@BitcoinKE) February 15, 2024

 

M-PESA parent, Safaricom, launched commercial operations in Ethiopia in October 2022 one of the first major entrants as Abiy Ahmed’s government began to liberalize the economy.

 

M-PESA Mobile Money Service Gets Licensed to Operate in Ethiopia – Africa’s Second Most Populous Nation

M-PESA is expected to bring stiff competition to Ethiopia’s sole mobile money operator, Telebirr, which was only launched in May 2021.https://t.co/s3KKSkrW0U pic.twitter.com/5powhjRMhJ

— BitKE (@BitcoinKE) October 9, 2022

Since then, the financial sector has witnessed more linkages with M-PESA integrating with several local banks.

Ethiopia’s cabinet also recently approved 2 major laws that are set to bring further liberalization and modernization of the country’s financial sector, one of which includes introducing a Central Bank Digital Currency (CBDC).

 

REGULATION | Ethiopia’s Council of Ministers Approves Major Financial Sector Reforms including Establishment of CBDC Regulatory Framework The central bank classifies digital currencies, including Bitcoin and other cryptocurrencies, https://t.co/ya5RQMoOex pic.twitter.com/NqW5RL9dE9

— Kichuu (@kichuu24) June 19, 2024

 

 

 

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Join and interact with our Telegram community

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REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138South Africa’s Financial Sector Conduct Authority has approved a further 63 licence applications, bringing the number of licensed CASPs in South Africa to 138. On April 22 2024, FSCA confirmed that it had, at that point, approved a total of 75 institutions to be licensed as Crypto Asset Service Providers (CASPs), while continuing to receive and consider applications from new and existing CASPs.   “The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following engagements with the FSCA on the appropriateness of their respective business and operating models. The remaining applications continue to be under consideration,” the organization said in a press release.   The main reasons behind declinations include: Failure to provide clear and comprehensive business plans and business model descriptions outlining crypto asset activities Firms were also rejected due to their inability to demonstrate the requisite knowledge and practical experience pertaining to crypto assets FSCA classified crypto assets as financial products requiring regulatory oversight in 2022, being the first African country to do so. According to the authority, this aims to protect consumers from the inherent risks associated with the crypto market, such as fraud and money laundering.   South Africa’s Financial Regulator, FSCA, Declares Crypto Assets as a Financial Product A crypto asset is used as an investment vehicle… and it resembles a financial product – you invest in it, you get returns from it.” – FSCAhttps://t.co/FOAe4pMmy3 — BitKE (@BitcoinKE) October 21, 2022 However, the body reiterated that its licensing powers are limited to the authorisation and supervision of CASPs only insofar as they render financial services related to crypto assets as defined under the FAIS (Financial Advisory and Intermediary Services) Act. This authorisation does not include the recognition of crypto assets as a legal form of tender or ‘cryptocurrency.’ The South African Reserve Bank does not currently recognise crypto assets as currency. Any media reports implying otherwise are therefore incorrect. The full list of the 138 licensed CASPs may be accessed on the FSCA’s website via this link: Approved list of crypto asset service providers.       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community _______________________________________ _______________________________________

REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138

South Africa’s Financial Sector Conduct Authority has approved a further 63 licence applications, bringing the number of licensed CASPs in South Africa to 138.

On April 22 2024, FSCA confirmed that it had, at that point, approved a total of 75 institutions to be licensed as Crypto Asset Service Providers (CASPs), while continuing to receive and consider applications from new and existing CASPs.

 

“The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following engagements with the FSCA on the appropriateness of their respective business and operating models. The remaining applications continue to be under consideration,” the organization said in a press release.

 

The main reasons behind declinations include:

Failure to provide clear and comprehensive business plans and business model descriptions outlining crypto asset activities

Firms were also rejected due to their inability to demonstrate the requisite knowledge and practical experience pertaining to crypto assets

FSCA classified crypto assets as financial products requiring regulatory oversight in 2022, being the first African country to do so. According to the authority, this aims to protect consumers from the inherent risks associated with the crypto market, such as fraud and money laundering.

 

South Africa’s Financial Regulator, FSCA, Declares Crypto Assets as a Financial Product

A crypto asset is used as an investment vehicle… and it resembles a financial product – you invest in it, you get returns from it.” – FSCAhttps://t.co/FOAe4pMmy3

— BitKE (@BitcoinKE) October 21, 2022

However, the body reiterated that its licensing powers are limited to the authorisation and supervision of CASPs only insofar as they render financial services related to crypto assets as defined under the FAIS (Financial Advisory and Intermediary Services) Act.

This authorisation does not include the recognition of crypto assets as a legal form of tender or ‘cryptocurrency.’ The South African Reserve Bank does not currently recognise crypto assets as currency. Any media reports implying otherwise are therefore incorrect.

The full list of the 138 licensed CASPs may be accessed on the FSCA’s website via this link: Approved list of crypto asset service providers.

 

 

 

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

_______________________________________

_______________________________________
REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138South Africa’s Financial Sector Conduct Authority has approved a further 63 licence applications, bringing the number of licensed CASPs in South Africa to 138. On April 22 2024, FSCA confirmed that it had, at that point, approved a total of 75 institutions to be licensed as Crypto Asset Service Providers (CASPs), while continuing to receive and consider applications from new and existing CASPs.   “The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following engagements with the FSCA on the appropriateness of their respective business and operating models. The remaining applications continue to be under consideration,” the organization said in a press release.   The main reasons behind declinations include: Failure to provide clear and comprehensive business plans and business model descriptions outlining crypto asset activities Firms were also rejected due to their inability to demonstrate the requisite knowledge and practical experience pertaining to crypto assets FSCA classified crypto assets as financial products requiring regulatory oversight in 2022, being the first African country to do so. According to the authority, this aims to protect consumers from the inherent risks associated with the crypto market, such as fraud and money laundering.   South Africa’s Financial Regulator, FSCA, Declares Crypto Assets as a Financial Product A crypto asset is used as an investment vehicle… and it resembles a financial product – you invest in it, you get returns from it.” – FSCAhttps://t.co/FOAe4pMmy3 — BitKE (@BitcoinKE) October 21, 2022 However, the body reiterated that its licensing powers are limited to the authorisation and supervision of CASPs only insofar as they render financial services related to crypto assets as defined under the FAIS (Financial Advisory and Intermediary Services) Act. This authorisation does not include the recognition of crypto assets as a legal form of tender or ‘cryptocurrency.’ The South African Reserve Bank does not currently recognise crypto assets as currency. Any media reports implying otherwise are therefore incorrect. The full list of the 138 licensed CASPs may be accessed on the FSCA’s website via this link: Approved list of crypto asset service providers.       Follow us on Twitter for latest posts and updates Join and interact with our Telegram community _______________________________________ _______________________________________

REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138

South Africa’s Financial Sector Conduct Authority has approved a further 63 licence applications, bringing the number of licensed CASPs in South Africa to 138.

On April 22 2024, FSCA confirmed that it had, at that point, approved a total of 75 institutions to be licensed as Crypto Asset Service Providers (CASPs), while continuing to receive and consider applications from new and existing CASPs.

 

“The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following engagements with the FSCA on the appropriateness of their respective business and operating models. The remaining applications continue to be under consideration,” the organization said in a press release.

 

The main reasons behind declinations include:

Failure to provide clear and comprehensive business plans and business model descriptions outlining crypto asset activities

Firms were also rejected due to their inability to demonstrate the requisite knowledge and practical experience pertaining to crypto assets

FSCA classified crypto assets as financial products requiring regulatory oversight in 2022, being the first African country to do so. According to the authority, this aims to protect consumers from the inherent risks associated with the crypto market, such as fraud and money laundering.

 

South Africa’s Financial Regulator, FSCA, Declares Crypto Assets as a Financial Product

A crypto asset is used as an investment vehicle… and it resembles a financial product – you invest in it, you get returns from it.” – FSCAhttps://t.co/FOAe4pMmy3

— BitKE (@BitcoinKE) October 21, 2022

However, the body reiterated that its licensing powers are limited to the authorisation and supervision of CASPs only insofar as they render financial services related to crypto assets as defined under the FAIS (Financial Advisory and Intermediary Services) Act.

This authorisation does not include the recognition of crypto assets as a legal form of tender or ‘cryptocurrency.’ The South African Reserve Bank does not currently recognise crypto assets as currency. Any media reports implying otherwise are therefore incorrect.

The full list of the 138 licensed CASPs may be accessed on the FSCA’s website via this link: Approved list of crypto asset service providers.

 

 

 

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

_______________________________________

_______________________________________
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