Africa Crypto Week in Review: Kenya Collects $77.5 Million in Crypto Revenue, Nigeria Resilient As Uganda Pushes For Innovation
Jump into the latest round-up of crypto Africa news as Africa crypto gets active – first in Kenya, where a crypto tax raid collected $77M, then in Uganda, where the continent’s biggest innovators are rallying for the launch of a blockchain incubator, finally post-Binance dispute growth for Nigeria crypto industry.
The first week of November saw rapid developments across the African crypto landscape. Crypto innovators and regional regulators are also assessing the impact of the United States Presidential election results.
Meanwhile, Kenya has announced record crypto revenues. Nigeria also continues to emerge as a global crypto powerhouse, and some innovation trends are taking shape in Uganda.
Kenya Crypto Africa News: Revenue Boost to Kenya’s Tax Collections
The Kenya Revenue Authority (KRA) announced it had collected about $77.5 million in the financial year ending June 2024.
The revenue primarily comes from taxing trading platforms and self-reported trading gains taxes.
Kenya has had a lax approach to cryptocurrencies. In 2015, the Central Bank of Kenya (CBK) notified traders to handle crypto at risk.
However, this is changing. Crucially, a draft blockchain bill is in the works. As the government expands its revenue base, crypto revenue will be incredibly important in the coming years.
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Uganda Crypto Africa News: Driving Innovation
This week, the Blockchain Association of Uganda announced another edition of the blockchain innovation program.
This association aims to further blockchain development, and it is calling on young entrepreneurs and innovators to apply to join the program.
The first edition of the innovation program brought together promising entrepreneurs from across East Africa, and this announcement looks to build on those efforts.
Promoters intend to utilize the program to foster innovation of blockchain products that solve real-life problems.
Uganda and Sub-Saharan Africa present a unique value proposition for crypto innovators.
Financial products that promote the efficient movement of money and access to lending are particularly relevant to a market that can benefit from positive crypto disruption.
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Nigeria Crypto Africa News: Warming Up To Blockchain
Nigeria is embracing its potential for the sector after taking a restrictive approach earlier in the year.
The recent release of Binance employee Tigran Gambaryan indicated the country’s change in stance.
In a recent interview, Gwera Kiwana, the VP of blockchain at Onafriq, and Nestcoin CEO Yele Bademosi, discussed the evolution of crypto regulations in the country.
In their view, despite the regulatory crackdown this year, the Nigerian market has continued to bloom and is Africa’s leading crypto market.
Most importantly, the country’s population has remained resilient and continues transacting billions of dollars in crypto annually.
As regulations are being discussed, the Federal High Court of Nigeria recently convicted two local companies for transacting USDT-Naira trades without a banking license.
Following these charges, the two must forfeit N50 million ($29,700) to the country’s recovery agency, the Economic and Financial Crimes Commission (EFCC).
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