Dive into Crypto Africa this week, learn about the Binance finale in Nigeria, Bitcoin Mining in Ethiopia and Africa’s crypto tax shake-up in Kenya and South Africa.
From Nigeria to South Africa, Ethiopia and Kenya, crypto moves stealthily, shaping lives. Nigeria has finally released Tigran Gambaryan as Ethiopia consolidates its dominance in crypto mining. In Kenya, tax authorities want cryptocurrency users to submit their taxes.
Nigeria Crypto News: Binance Executives Finally Free, Crypto Adoption Rises
Nigeria appears to be relenting in its crackdown on Binance.
The mega exchange exited the Nigerian market in April in spectacular fashion. Lately, things seem calmer as Binance intends to resume operations in the continent’s largest market.
Nigeria’s anti-corruption authority has abandoned charges against Tigran Gambaryan, a Binance executive at the center of the dispute. Tigran is a US citizen and was arrested on money laundering charges earlier this year. The pretext for this release was to allow Tigran to benefit from medical treatment outside the country.
Either way, it’s part of a broader change in the country. Nigeria has adopted a framework for crypto organizations to be tax compliant and generally operate within the confines of the law. This development makes sense now that Nigeria is still one of the top users of cryptocurrency, ranking second in the world, according to Chainalysis. report.
Nigeria leads Ethiopia, Kenya and South Africa, which are in the top 30 in terms of adoption levels. While this is the case, crypto activity in the sub-Saharan region is relatively small compared to the global crypto economy, accounting for only 2.7% of trading volume.
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Kenya Crypto News: Kenya Tax Authorities Target Crypto Users. Will they collaborate with SARS in South Africa?
The Kenya Revenue Authority (KRA) is seeking to procure a system that will track and tax, in real time, crypto movements between exchanges. The objective is to broaden the country’s tax base.
Last year, Kenya implemented a 3% tax on crypto revenues, including gains from NFTs.
Although some exchanges are compliant, KRA is currently developing a clear procedure for submitting and reporting taxes. Those who do not comply will be penalized.
The KRA crypto tax system comes at a time when the South African tax authority, SARS, is also intensifying its focus on the same users and upgrading its monitoring tools.
In South Africa, users must report all their crypto earnings as part of taxable income. However, according to SARS, although there are at least 5.8 million crypto holders in the country, only a few have filed their tax returns.
If Kenya and South Africa collaborate, law enforcement would be strengthened, thereby increasing their respective tax revenues.
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Ethiopia Crypto News: BitFuFu Expands Crypto Mining, Youth Withdraw After Hamster Kombat Failure
BitFuFu, a Bitcoin mining company listed on Nasdaq in Ethiopia, is expanding rapidly. The miner recently announced plans to acquire a majority stake in a mining company 80 MW crypto mining company in this East African country.
The objective is therefore to reduce operating costs, thanks to the abundance of renewable energy in Ethiopia, the average price of which is less than $0.04 per kWh.
Through this acquisition, they will reduce their BTC mining expenses, thereby increasing their capacity and having direct control over their operations.
Blockchain gaming is here to stay. Hamster Kombat and other participation games were popular in the third quarter of 2024. Now the activity is fading and some young Ethiopians feel scammed.
According to reports, more young people are exit Hamster Kombat after the initial hype, driven by paid influencers, fizzled. Most are disappointed that their operating efforts were not adequately compensated, looking at payment trends. Most ended up with peanuts.
Africa Crypto News: Crypto startups threatened by malware
The Grandoreiro Trojan malware continues to pose a threat to various financial platforms. The Kaspersky Global research team presented results stating that this malware threatens crypto platforms in Kenya, Angola, Ethiopia, Ghana, Ivory Coast, Nigeria and South Africa.
Brazilian authorities arrested several operators behind the Trojan earlier this year. However, the organization appears to have regrouped and is now operating a lean, fragmented version.
Crypto theft and other forms of financial fraud plague the crypto sector. African crypto platforms must remain vigilant in protecting user funds.
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The article Africa Crypto Week Review: Nigeria Releases Binance Executive KRA Targeting Crypto Holders in Kenya as Ethiopia Cements Crypto Mining Manager appeared first on .
