Exploring the landscape of crypto regulations in sub-Saharan Africa

Despite facing hot-and-cold rules, growing crypto usage in sub-Saharan Africa is forcing regulators to reconsider the industry. Sub-Saharan Africa has no doubt suffered many regulatory setbacks in adopting cryptocurrencies.

Booming African crypto adoption drives concerns over regulation

African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response 2020 has seen an acceleration in African crypto adoption, with the continent emerging as the second-largest region for peer-to-peer (P2P) trading, and two African nations ranking in the top eight of the Chainalysis crypto adoption index. However, the booming growth has caught the attention of Africa’s financial regulators, sparking concerns that a rush to introduce heavy-handed oversight could quell innovation in the local crypto industry. Nigeria has led the continent’s growth in 2020, posting weekly P2P volumes of between $5 million to $10 million, followed by Kenya and South Africa with between $1 million and $2 million a week each. Speaking to Cointelegraph, a representative of top P2P exchange Paxful stated that Africa has been its strongest growing region in 2020, noting there was also dramatic growth in smaller economies like Ghana, and Cameroon. Centralized exchanges have also reported a spike in trade activity, with Luno reporting $549 million worth of combined volume from Nigerian and South African customers last month — a 49% increase compared to the start of 2020.

Bitcoin Revolution South Africa: Scam Claims Support by President Cyril Ramaphosa

A bitcoin investment scheme called “Bitcoin Revolution South Africa” has been gaining much attention lately.

South African Crypto Exchange Luno Expanding Globally After Acquisition by Digital Currency Group

Digital Currency Group has acquired South African cryptocurrency exchange Luno, which has more than five million customers in over 40 countries.

Fiat Devaluation Drives Retail Bitcoin Transfers in Africa 56% in a Year: Report

Monthly cryptocurrency transfers to and from Africa under $10,000 soared more than 56% from a year ago to reach $316 million in June, according to new research by US crypto analytics firm Chainalysis.

Small value crypto transfers in Africa have increased by 55%

Africans are turning to cryptocurrencies to avoid high fees and currency instability, with transfers to and from the continent increasing 55% over the last year. Africans are increasingly turning to cryptocurrencies as a means of exchange over local fiat currencies, according to a new report from blockchain analytics firm Chainalysis. Data from the firm shows that many locals individuals and businesses are using cryptocurrencies to avoid high fees, regulatory complications, and currency instability.

Ukraine, Russia, South Africa, Nigeria Among Top Countries by Cryptocurrency Adoption

Ukraine, Russia, China, South Africa, Nigeria, Kenya, and the US are among the top-ranking countries by cryptocurrency adoption, according to the 2020 Global Crypto Adoption Index compiled by blockchain data analytics firm Chainalysis.

South African Man Charged in US Court for Fraud Involving $28 Million in Bitcoin and Forex

A South African man has been charged with fraud in the Maryland District Court for allegedly scamming $28 million from over 1,000 investors.

South Africa Might Impose Tighter Crypto Taxes Rules - Auditor

The South African Revenue Service (SARS) could bring in stricter taxes for the country’s cryptoasset holders in the near future, potentially hampering the development of an industry that has emerged as Africa’s biggest, analysts claim. Wiehann Olivier, a partner in the auditing division of international accounting and tax consultancy Mazars’ South African branch,

Binance Charity and Integro Foundation raise $1 million for PPEs

More donations can be expected. Binance Charity and Integro Foundation raised $1 million to donate personal protective equipment to frontline workers. A total of 500,000 KN-95 masks will be distributed to workers in the Brazilian Amazon, Argentina, Chile, Mexico, Venezuela, Peru, Ghana, Nigeria, South Africa, Bermuda, Barbados, St.

South African Regulator Warns Against Using Mirror Trading International

Mirror Trading International is getting flak from regulators worldwide. A month after the Texas State Securities Board took action against Mirror Trading International (MTI), South Africa’s Financial Services Conduct Authority (FSCA) is also investigating the company’s trading activities. According to the information MTI shared with FSCA, the company conducts high-frequency derivatives trades using bots on behalf of its clients. The financial watchdog said in a statement that the current business model of MTI requires it to own a financial service provider license but it does not seem to have one. The FSCA’s biggest concern was that MTI was promising its clients returns of as much as 10% per month.

Mirror Trading Clients Should Take Their Money and Run, South Africa’s Financial Regulator Advises

FCSA said Mirror Trading's self-proclaimed 10% monthly returns "seems far-fetched and unrealistic" as it opened an investigation.

South African Bitcoin-Based Trading Firm Investigated for Fraud

After promising on its website to “take the hassle out of forex trading by doing it all for you,” a South Africa-based company is now under investigation by the country’s financial regulator, saying that the return figures which the company flashes seem “far-fetched and unrealistic.” Per a press release from the South African Financial Sector Conduct Authority

Crypto Usage and Trading Surging in Africa, Exchange CEO Says

The popularity of crypto is on the rise in Africa, according to the CEO of one of the continent’s up and coming exchanges. Crypto usage and trading has made its way over to Africa, gaining prevalence all over the continent, according to Chris Maurice, CEO of Yellow Card — a crypto exchange based in Lagos, Nigeria. "In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya," Maurice told Cointelegraph in an interview.  With the four mentioned countries leading the crypto charge, Maurice added, "At this point, it's just a matter of time before it continues to expand outward to the rest of the continent." Crypto usage in Africa is not represented accurately on paper Contrary to North America, with its plethora of exchanges, Africa sees more over-the-counter, or OTC, crypto trading, transactions and usage, making definite exchange volume a less accurate representation of the asset class’ prevalence.  “The majority of it is not running through formal exchanges,” Maurice said of crypto asset volume.

South African Exchange Valr Raises $3.4 Million in a Series A Funding Round

A South Africa based cryptocurrency exchange, Valr has just raised $3.4 million in a Series A funding round led by 100x Group, the parent company to Bitmex.

BitMEX Owner Leads $3.4M Round for South African Crypto Exchange

BitMEX owner 100x said investing in VALR’s Series A would bring exposure to the fast-growing South African market.

South African Bitcoin Investment Company Pushes Back Against Texas Scam Allegations

Mirror Trading International (MTI), a South African bitcoin investment company at the center of a cease and desist order issued by the Texas State Securities Board (TSSB), is pushing back allegations that it is running a Ponzi scheme or a scam.

South Africa Proposes New Rules to Regulate Cryptocurrencies, Seeks Alignment With FATF Standards

South Africa is proposing new rules around crypto-asset service providers (CASP) as it seeks to align regulations with standards of the Financial Action Task Force (FATF).

Bitcoin Usage up in Vietnam, Bangladesh & S Africa - Blockchain.com

The total number of bitcoin (BTC) wallet transactions has spiked in Vietnam, Bangladesh, and South Africa, with monthly activity figures up 25%, 16% and 15.9% respectively on major wallet and exchange platform Blockchain.com. The company shared the news in a blog post, adding that although BTC experienced a drop in market capitalization for June 2020 (down 2.8%

How the US and Europe Are Regulating Crypto in 2020

Crypto regulation in 2020: The US tightens regulation of crypto, while India has finally allowed banks to get involved with firms. Cryptocurrencies have been around for more than 10 years, but the legal status of Bitcoin (BTC) and most other cryptocurrencies remains unclear and has different definitions in various jurisdictions.

Bitcoin Prize For Winners Of South Africa Mountain Bike Race

About 150 mountain bikers will compete at this year’s edition of the Munga MTB race in South Africa.

South African Crypto Investment Company Issued Cease And Desist Order In Texas

The Texas State Securities Board (TSSB) issued a cease and desist order Wednesday against on Mirror Trading International (MTI), Forexandbitcoin.com and four individuals involved in a multi-level marketing scam.

CEO of Alleged $16M Cryptocurrency Scam Declared Bankrupt

VaultAge Solutions CEO has been tracked down by South African authorities and angered investors. Willie Breedt, a South African national accused of stealing up to $16.3 million from around 2,000 investors via his VaultAge Solutions scheme, has reportedly been forced into bankruptcy by a local court. According to a recent report from News24, the sequestration order was initiated on July 3 by Simon Dix — one of VaultAge’s largest investors, who entrusted Breedt with 7.5 million South African rand, or $440,000. VaultAge Solutions was founded in 2018, promising weekly returns on customer deposits through crypto mining and trading and accepting deposits starting from $50.

Crypto Firm CEO Went Into Hiding After Claims 2,000 Investors Defrauded

The CEO of cryptocurrency investment firm VaultAge Solutions has forced into bankruptcy while on the run from angry investors.

Crypto Use-Cases in Africa on the Rise, According to Luno

Twitter and Square CEO, Jack Dorsey recently said “Africa will define the future (especially the Bitcoin one!)” But was he right? Crypto in Africa on the Rise Sad to be leaving the continent…for now.