Explore Crypto Africa this week, uncover Nigeria’s Binance developments, Ethiopia’s Bitcoin Mining, and the new crypto tax changes in Kenya and South Africa.
From Nigeria to South Africa, Ethiopia, and Kenya, the crypto landscape is evolving quietly, influencing lives. Nigeria has released Tigran Gambaryan as Ethiopia strengthens its position in crypto-mining. Meanwhile, tax authorities in Kenya are pushing for crypto users to file their taxes.
Nigeria Crypto Update: Binance Executives Released, Rise in Crypto Adoption
Nigeria seems to be easing its crackdown on Binance.
The major exchange exited the Nigerian market abruptly in April. Recently, the situation seems to have stabilized as Binance plans to re-enter the continent’s largest market.
Nigeria’s anti-corruption agency has dropped the charges against Tigran Gambaryan, a Binance executive involved in the legal issue. Tigran, a U.S. citizen, faced money laundering charges earlier this year, and his release was reportedly to allow him to seek medical care abroad.
Nonetheless, this is a part of a larger shift in Nigeria. The country has established a framework for crypto entities to comply with tax regulations and operate legitimately. This development aligns with Nigeria’s status as one of the foremost crypto adopters globally, ranking second according to a Chainalysis report.
Nigeria stands ahead of Ethiopia, Kenya, and South Africa, which are all in the top 30 for crypto adoption. Despite this, crypto activity in the Sub-Saharan region remains relatively low compared to the global market, accounting for only 2.7% of total transaction volume.
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Kenya Crypto Update: Tax Authorities Target Crypto Users. Could There Be Collaboration With South Africa’s SARS?
The Kenya Revenue Authority (KRA) is seeking a system to monitor and tax crypto transactions in real-time across exchanges, aiming to broaden the nation’s tax base.
Last year, Kenya implemented a 3% tax on crypto profits, including those from NFTs.
While some exchanges comply, the KRA is working on formalizing procedures for tax submissions and filings. Non-compliance will result in penalties.
The KRA’s tax initiatives coincide with South Africa’s tax authority, SARS, which is also intensifying its focus on the same user base, enhancing its monitoring capabilities.
In South Africa, users are required to declare all crypto income as part of their taxable income. However, SARS reports that despite the presence of around 5.8 million crypto holders in the country, only a few have submitted their tax returns.
If Kenya and South Africa collaborate, the effectiveness of enforcement would improve, leading to increased tax revenue for both nations.
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Ethiopia Crypto Update: BitFuFu Expands Mining Operations, Youth Disillusioned Post-Hamster Kombat
BitFuFu, a Bitcoin mining company listed on Nasdaq in Ethiopia, is undergoing expansion. The miner recently disclosed its plans to acquire a controlling interest in an 80 MW crypto mining facility in the East African nation.
This strategy aims to lower operational costs, leveraging Ethiopia’s rich renewable energy resources, which average under $0.04 per kWh.
With this acquisition, they expect to reduce their Bitcoin mining expenses, enhance their capacity, and gain direct oversight of their operations.
Blockchain gaming is establishing its presence. Games like Hamster Kombat saw a surge in popularity during Q3 2024. However, interest is now waning, with some Ethiopian youth feeling let down after the game’s initial buzz faded.
Reports suggest that many young players are abandoning Hamster Kombat as the excitement, fueled by paid influencers, has dimmed. Their discontent stems from inadequate rewards for their tapping efforts, as they observe payout trends that left them with minimal earnings.
Africa Crypto Update: Malware Threatens Crypto Startups
The Grandoreiro Trojan malware continues to endanger numerous financial platforms. The Kaspersky Global research team has reported findings indicating that this malware targets crypto platforms across Kenya, Angola, Ethiopia, Ghana, Ivory Coast, Nigeria, and South Africa.
Earlier this year, Brazilian authorities apprehended several individuals involved in operating the Trojan. Nevertheless, the organization seems to have regrouped and is now deploying a more lightweight and dispersed model.
Crypto theft and various financial frauds continue to plague the sector. African crypto platforms need to stay alert to safeguard user assets.
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