Kucoin to Implement 7.5% VAT on Transaction Fees for Nigerian Users

July 5, 2024 Bitcoin.com

Africa

Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8. Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating license. A Lagos-based crypto industry player stated that implementing the tax will likely harm the industry. […]

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South Africa Approves 63 Crypto Asset Service Provider License Applications

July 4, 2024 Bitcoin.com

Africa

South Africa’s financial services industry regulator announced on July 2 that it had approved an additional 63 crypto asset service provider license applications. The Financial Sector Conduct Authority (FSCA) has received a total of 383 applications, with only five being declined. Notably, the approvals do not mean crypto assets are recognized as a legal form […]

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Mara Collapse: African Crypto Exchange Burns $16 Million for Salaries and Bonuses

July 4, 2024 Bitcoin.com

Africa

Pan-African crypto exchange Mara reportedly lost approximately $16 million out of the $23 million raised from investors. Following the exchange’s collapse, founder and CEO Chinyere Nnadi is said to have launched a new entity called Jara. Nnadi reportedly argued that the exchange depleted its raised capital by paying high salaries to attract talent. CEO Avoids […]

Fintech Company Tecban Pilots Tokenization Platform for Brazil’s Drex CBDC

Nigerian Student Returns 90 Mistakenly Sent Solana Tokens, Rewarded for Honesty

July 4, 2024 Bitcoin.com

Africa

A crypto influencer recently praised a Nigerian student who agreed to return Solana tokens worth several thousand dollars that were mistakenly sent to his crypto wallet. After the influencer revealed the incident, well-wishers in the crypto community, impressed by the student’s honesty, began sending tips to his crypto wallet. Influencer: Incident Highlights Hope for Crypto […]

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Nigerian Central Bank Warns Financial Institutions Against Rejecting Old or Lower Denomination US Dollars

July 3, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria warned local financial institutions against rejecting older or lower-denomination U.S. dollar banknotes. The apex bank said it will take strong action against financial institutions that refuse to accept mutilated or overcirculated local currency banknotes. Older U.S. Dollar Banknotes Still Legal Tender The Central Bank of Nigeria (CBN) has informed registered […]

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Nigerian Court Orders Prison Officials to Release Medical Records of Jailed Tigran Gambaryan

July 3, 2024 Bitcoin.com

Africa

Nigerian prison officials have reportedly refused to release Tigran Gambaryan’s medical records. A High Court judge has ordered Kuje Detention Centre prison officials to present Gambaryan’s legal representatives with the records by July 5. Yuki Gambaryan, the wife of the Binance employee, has urged Nigerian authorities to drop charges against her husband. Gambaryan’s Health Deteriorates […]

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‘Secrecy of Crypto Usage’ Drives Youth Cryptocurrency Adoption, Says Nigerian Regulator

June 29, 2024 Bitcoin.com

Africa

According to a Nigerian regulator, young people who are adopting cryptocurrencies are drawn to their secrecy, and many of them do not have bank accounts. However, the regulator also stated that the Securities and Exchange Commission (SEC) will continue to caution users about the potential risks of investing in this asset class. Crypto Cannot Be […]

Fintech Company Tecban Pilots Tokenization Platform for Brazil’s Drex CBDC

Nigerian official advocates blockchain, AI against illicit financial flows

June 29, 2024 Coin Telegraph

Africa

The financial watchdog chair said that if recovered, the funds could significantly enhance infrastructure, healthcare and education across the continent.

The chairman of Nigeria’s Economic and Financial Crimes Commission, Olanipekun Olukoyede, has highlighted blockchain technology and artificial intelligence (AI) as tools to address illicit financial flows (IFFs) in Africa.

According to local media, Olukoyede highlighted the $88.6 billion lost annually in African countries due to IFFs at the Pan-African Conference on Illicit Financial Flows and Taxation.

The conference is the premier annual forum of the African Union. It brings together stakeholders across Africa to discuss IFFs and taxation. This conference facilitates sharing insights, strategies and best practices to address the challenge of IFFs.

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Dozens Killed in Riots as Kenya Revolts Against Tax Hikes, Calls for Presidential Resignation

June 29, 2024 Bitcoin.com

Africa

Dozens of citizens were killed in Kenya as a result of riots seeking to protest the possible signing of a bill that would approve tax hikes on daily services and items, such as internet and fuel, in a plan to raise an additional $2.7 billion in revenue. The protests, led mostly by young Kenyans who […]

Fintech Company Tecban Pilots Tokenization Platform for Brazil’s Drex CBDC

Blockchain Association Says Tigran Gambaryan’s Detention Harms Nigerian Web3 Industry

June 28, 2024 Bitcoin.com

Africa

Nigeria’s detention of Binance executive Tigran Gambaryan is impacting the country’s blockchain industry, an organization representing blockchain and crypto associations has warned. Evidence of this impact includes the decline in foreign investments. The organization also argued that the continued detention of the Binance executive could jeopardize valuable collaborations and associated benefits. Nigeria’s National Interests A […]

Africa

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