Dec 6, 2023
(Mariblock) - The bill will now move to the next stage, where members of parliament will discuss and propose any changes they think are needed. If approved, it will be sent to the President for final approval.
The finance planning committee of Kenya’s National Assembly has agreed to the proposed changes to the law that would enable crypto taxation.
The committee, chaired by Member of Parliament Kimani Kuria, endorsed a bill presented by colleague Kipsang Kirwa, aiming to amend the Capital Markets Act to include digital currencies within the definition of securities.
The bill will now move to the next stage, where members of parliament will discuss and propose any changes they think are needed. If the House approves the bill, it will be sent to the President for final approval.
The Capital Markets (Amendment) Bill 2023 aims to increase taxation for crypto exchanges and digital wallets.
It would impose transaction taxes like the duty charged on bank transactions, subjecting individuals in cryptocurrency transactions to these taxes.
If the bill is approved, Kenyans must pay capital gains taxes to the Kenya Revenue Authority (KRA) when they sell or use digital currencies in transactions.
You can read the full article here
Dec 07, 2023
(techcabal) - Fuse Network has launched a grant programme aimed at enabling startups and businesses access Web3 payment systems.
Fuse Network has announced a $10 million grant aimed at supporting businesses to access Web3 payment systems. The grant programme encompasses funding and infrastructure support. Eligible grantee businesses include businesses looking to build and use Web3 payment technologies.
According to data by Chainalysis, sub-Saharan Africa has the smallest crypto economy of all regions, accounting for 2.3% of global transaction values between July 2022 and June 2023. In that period, the region received an estimated $117.1 billion in on-chain value. However, in terms of volume, countries like Kenya, Nigeria, South Africa, and Tanzania had some of the highest grassroots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index. Figures show that transaction volume made up of retail-sized transfers in Africa is at 7%, against the global average of 5.5%. Although African blockchain startups raised $474 million in 2022 to build solutions for the increasing adoption of the technology—up 429% in a year—this is still a pittance relative to the rest of the world.
Although the Fuse programme will be aimed at businesses across the world, according to CEO Mark Smargon, there will be a keen focus on enterprises in emerging markets like Africa. “In Africa, we already see very interesting businesses which have innovative Web3 use and business cases and need those solutions to reach customers better. We are excited that this program will facilitate this scaling,” Smargon told TechCabal.
You can read the full article here
Dec 04, 2023
(Cointelegraph) - Trezor has officially launched its educational program in Africa in addition to funding Bitcoineta, a West African Bitcoin awareness campaign, and the Africa Bitcoin Conference.
Hardware cryptocurrency wallet firm Trezor is continuing its efforts to promote Bitcoin education globally by launching a new educational initiative in Africa.
The Trezor Academy was launched at the Trezor-backed Africa Bitcoin Conference in Ghana’s capital of Accra on Dec. 4, the firm announced to Cointelegraph.
The academy is an educational program focused on spreading Bitcoin knowledge in Africa. Previously launched as a pilot in 2023, it aims to provide in-person meetups led by local Bitcoin experts and enable a platform for local individuals to learn about the cryptocurrency's potential.
According to Trezor’s blog, the Trezor Academy pilot has been active in Ghana, Nigeria, Cameroon, Uganda, Burundi and Kenya. Throughout 2024, the company plans to set up academies in more than ten new African countries and educate hundreds more local educators to spread knowledge about Bitcoin.
“Bitcoin adoption is perhaps more relevant in Africa than on any other continent,” Trezor CEO Matej Zak said, adding that its properties provide several benefits related to local initiatives such as payment schemes, microfinancing and savings.
You can read the full article here
Dec 08, 2023
(bitcoin) - Farzam Ehsani, the founder and CEO of the South African crypto exchange Valr, has stated that institutional traders account for the bulk of the African continent’s crypto trading volumes. To support this point, Ehsani referred to Valr’s largest volumes which he said “are executed via our API by institutional traders deploying a host of programmatic trading strategies.”
African Regulators Now Have a Better Grasp of Cryptocurrency
While retail traders do account for some of Africa’s traded volumes, Ehsani said that believing the trading activity of large investors on the continent is insignificant is a myth that needs to be dispelled.
Meanwhile, when asked about the state of crypto regulation on the continent, the CEO claimed that some of Africa’s financial sector regulators have indeed “made great strides in recent years to better understand the crypto industry.” Understanding how players in the space operate has in turn helped them “to put in place regulations to appropriately regulate the industry.”
You can read the full article here
Dec 06, 2023
(mariblock) - The US-based startup is expanding its operations into Senegal after conducting pilots in Nigeria.
Blockchain technology has begun to find more real-world use cases after breaking into the scene as the fabric upon which cryptocurrencies are woven. It has been deployed in traditional financial banking, traceability across supply chains, digitizing real estate and agriculture. There’s an emerging agriculture play in Africa.
United States-based agricultural technology company UfarmX wants to employ blockchain to create digital records to connect off-the-grid and underserved farming communities to better agrarian opportunities. But why is creating digital records vital? The answer lies in missing opportunities due to the lack thereof.
As pivotal as agriculture is to Africa, the continent has witnessed slow growth in the sector. The low use of modern technology has seen the industry grapple with low productivity. Poor access to financing to purchase and manage these technological inputs has only deepened the problem.
A World Development Sustainability report found that most small farmers cannot access credit facilities because limited organizations offer realistic loans. The few farmers who get access to some of these loans are put off due to the high borrowing costs and a risk-averse tendency.
For their part, financial institutions do not offer loans to small agricultural businesses because they are considered long-term and offer little returns. Since these institutions are primarily for profit, they tend to lend to more short-term, high-return clients. In addition, most farmers lack proper documentation and record-keeping, making it impossible for lending institutions to see their previous results.
You can read the full article here
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