Dive into the latest roundup of African crypto news as African crypto goes active – first in Kenya, where a crypto tax raid raised $77 million, then in Uganda, where the biggest innovators in continent mobilize for the launch of a blockchain incubator, finally growth of the post-Binance conflict for the Nigerian crypto industry.
The first week of November saw rapid developments in the African crypto landscape. Crypto innovators and regional regulators are also weighing the impact of the US presidential election results.
Meanwhile, Kenya announced record crypto revenues. Nigeria also continues to emerge as a global crypto powerhouse, and some innovation trends are taking shape in Uganda.
Kenya Crypto Africa News: Kenya’s Tax Revenue Increases
Kenya Revenue Authority (KRA) announcement it had raised about $77.5 million in the fiscal year ending June 2024.
Revenue comes primarily from taxation of trading platforms and taxes on self-declared trading gains.
Kenya has had a lax approach towards cryptocurrencies. In 2015, the Central Bank of Kenya (CBK) warned traders about handling cryptocurrencies at risk.
However, this is changing. Above all, a bill on blockchain is in preparation. As the government expands its revenue base, crypto revenue will be extremely important in the coming years.
RELATED: Trump Win Could Unlock $100,000 Bitcoin Price By End of 2024
Uganda Crypto Africa News: Driving Innovation
This week, the Blockchain Association of Uganda announcement another edition of the blockchain innovation program.
This association aims to continue the development of blockchain, and it is calling on young entrepreneurs and innovators to apply to join the program.
The first edition of the innovation program brought together promising entrepreneurs from across East Africa, and this announcement aims to build on those efforts.
The sponsors intend to use the program to drive innovation of blockchain products that solve real-world problems.
Uganda and sub-Saharan Africa present a unique value proposition for crypto innovators.
Financial products that promote the efficient flow of money and access to loans are particularly relevant to a market that can benefit from positive crypto disruption.
DON’T MISS: These Meme Coins Could Grow 100x in the Next 6 Months
Nigeria Crypto Africa News: Preparing for Blockchain
Nigeria is exploiting the potential of this sector after adopting a restrictive approach earlier in the year.
The recent release of Binance employee Tigran Gambaryan indicates the country’s changing stance.
In a recent interview, Gwera Kiwana, VP of Blockchain at Onafriq, and Yele Bademosi, CEO of Nestcoin, discussed the evolving crypto regulations in the country.
According to them, despite this year’s regulatory crackdown, the Nigerian market has continued to thrive and is the leading crypto market in Africa.
More importantly, the country’s population has remained resilient and continues to trade billions of dollars in crypto every year.
While the regulations are under discussion, the Federal High Court of Nigeria recently sentenced two local companies to conduct USDT-Naira transactions without a banking license.
As a result of the charges, the two men must forfeit 50 million naira ($29,700) to the country’s recovery agency, the Economic and Financial Crimes Commission (EFCC).
EXPLORE: Africa Crypto Week Review: Nigeria Releases Binance Executive KRA Targeting Crypto Holders in Kenya as Ethiopia Consolidates Crypto Mining Leadership
Join the 99Bitcoins News Discord here for the latest market updates
The article Africa Crypto Week Roundup: Kenya Raises $77.5M in Crypto Revenue, Nigeria Resilient as Uganda Pushes for Innovation appeared first on .
