The crypto scene in Africa is heating up this week with exciting developments in Nigeria, Ethiopia, Kenya, and South Africa. From the release of a Binance executive in Nigeria to the expansion of Bitcoin mining in Ethiopia, and the crackdown on crypto tax evasion in Kenya and South Africa, the continent is buzzing with crypto activity.
In Nigeria, the anti-corruption authority has dropped charges against Tigran Gambaryan, a Binance executive, signaling a potential thaw in the country’s stance towards the crypto giant. Nigeria, which ranks second globally in crypto adoption, is now enacting frameworks to ensure tax compliance among crypto organizations.
Meanwhile, in Kenya, the tax authorities are targeting crypto users with a real-time tracking system to ensure compliance with tax regulations. South Africa’s tax authority, SARS, is also intensifying its focus on crypto users, with plans to collaborate with Kenya to boost tax revenue.
In Ethiopia, BitFuFu, a Bitcoin mining firm listed on Nasdaq, is expanding its operations by acquiring a controlling stake in a crypto mining firm in the country. The move aims to reduce operational costs and increase mining capacity, leveraging Ethiopia’s abundance of renewable energy.
However, the crypto sector in Africa faces threats from malware, with the Grandoreiro Trojan posing a risk to financial platforms in several countries, including Kenya, Angola, Ethiopia, Ghana, Ivory Coast, Nigeria, and South Africa. Crypto platforms must remain vigilant to protect user funds from theft and fraud.
Overall, Africa’s crypto landscape is evolving rapidly, with new opportunities and challenges emerging across the continent. Stay tuned for more updates on the latest developments in the African crypto scene.
