Jump into Crypto Africa this week, discover Nigeria’s Binance finale, Ethiopia’s Bitcoin Mining, and Africa’s crypto tax shake-up in Kenya and SA.
From Nigeria to South Africa, Ethiopia, and Kenya, crypto is moving stealthily, shaping lives. Nigeria finally released Tigran Gambaryan as Ethiopia cements its crypto-mining dominance. In Kenya, tax authorities want crypto users to submit 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 a dramatic fashion. Lately, things have appeared calmer as Binance intends to resume operations in the continent’s largest market.
Nigeria’s anti-corruption authority has dropped charges against Tigran Gambaryan, a Binance executive at the center of the legal dispute. Tigran is a United States citizen and was arrested on charges of money laundering earlier in the year. The pretext for the release was to allow Tigran to get medical attention outside the country.
Regardless, it is part of a broader shift in the country. Nigeria has enacted 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 crypto adopters, ranking second globally, according to a Chainalysis report.
Nigeria leads Ethiopia, Kenya, and South Africa, which are in the top 30 by adoption levels. While this is the case, crypto activity in the Sub-Saharan region is relatively low compared to the global crypto economy, making up just 2.7% of the transaction volume.
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Kenya Crypto News: Kenya Tax Authorities Target Crypto Users. Will They Collaborate With South Africa’s SARS?
The Kenya Revenue Authority (KRA) is looking to procure a system that will track and tax, in real-time, crypto movements across exchanges. The goal is to expand the country’s tax base.
Last year, Kenya implemented a 3% tax on crypto earnings, including gains from NFTs.
Though some exchanges are compliant, the KRA is now developing a clear procedure for submitting taxes and filing. Those who won’t comply will be penalized.
The KRA crypto tax system is when South Africa’s tax authority, SARS, is also intensifying its focus on the same users and is upgrading its monitoring tools.
In South Africa, users must declare all their crypto income as part of taxable income. However, according to the SARS, although there are at least 5.8 million crypto holders in the country, only a few have declared their tax filings.
If Kenya and South Africa collaborate, enforcement would be enhanced, boosting their respective tax revenue.
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Ethiopia Crypto News: BitFuFu Expands Crypto Mining, Youth Tap Out After Hamster Kombat Flop
BitFuFu, a Bitcoin mining firm listed on Nasdaq in Ethiopia, is expanding. The miner recently announced plans to acquire a controlling stake in an 80 MW crypto mining firm in the East African nation.
Thus, the goal is to reduce operational costs, thanks to Ethiopia’s abundance of renewable energy, which averages below $0.04 per kwH.
Through this acquisition, they will reduce their BTC mining expense, increasing their capacity instead and having direct control of their operations.
Blockchain gaming is here to stay. Hamster Kombat and other tap-to-earn games were popular in Q3 2024. Now, activity is fading, with some youth in Ethiopia feeling scammed.
According to reports, more youngsters are leaving Hamster Kombat after the initial hype, driven by paid influencers, fizzled. Most are disappointed that their tapping efforts were not adequately compensated, looking at payout 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. Kaspersky Global research team has presented findings 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 Horse earlier in the year. However, the organization appears to have regrouped and now operates a lighter and more 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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