Major crypto developments across Africa, with significant progress this week, have taken place. Kenya took a crucial step towards regulating its burgeoning crypto space, while Namibia’s regulators cautiously moved to legalize crypto exchanges.
Meanwhile, in the Democratic Republic of Congo, Sébastien Gouspillou’s inspiring story of Bitcoin mining in the jungle highlights the potential for a positive impact.
Kenya Crypto News: Nairobi Reveals New Crypto Bill In Call For Public Feedback From Kenya Crypto Community
While crypto is not banned in Kenya, a clear regulatory framework has been lacking, particularly for firms developing crypto infrastructure or solutions.
This is about to change as the country undergoes a paradigm shift in its approach to crypto regulation. The government is preparing a regulatory framework to govern crypto activities.
According to Treasury Cabinet Secretary John Mbadi, this signifies Kenya’s readiness to embrace crypto while addressing risks like terrorism financing and money laundering.
In a statement, Mbadi said:
“Kenya’s financial sector is a beacon of innovation and growth in Africa. The emergence and growth of Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) have given rise to innovations in the local and international financial system with dynamic opportunities and challenges. The Government of Kenya is committed to creating the necessary legal and regulatory framework to leverage opportunities presented by VAs and VASPs while managing the resultant risks.”
The draft bill, “National Policy on Virtual Assets and Virtual Asset Service Providers,” outlines how Kenya plans to create a fair and stable crypto market. The public can provide feedback on the bill until January 24.
The Ministry of Finance estimates the implementation cost at approximately $14 million, with allocations for consumer protection, market conduct, public awareness, and other essential areas.
These efforts aim to modernize the country’s financial systems and help remove it from the Financial Action Task Force (FATF) grey list.
Namibia Crypto News: Central Bank Grants Provisional Africa Crypto Licenses To Four Firms
In the Namibia crypto environment, where trading is still illegal, the central bank has granted provisional licenses to four companies, including Landifa Bitcoin Trade, under the Virtual Assets Act of 2023.
This act emphasizes crypto oversight and addresses fraud, market manipulation, and money laundering risks.
These firms will have six months to establish the necessary infrastructure and hire staff before final approval.
Kazembire Zemburuka, the Bank of Namibia spokesperson, said granting provisional licenses demonstrates their commitment to balancing financial innovation with public protection.
“Only after six months do they get final approval. In the meantime, they must hire their people and put infrastructure in place. If they are ready before the six months, the bank can inspect their setup and once approval is granted, they can engage the public.”
This move is widely viewed as positive, fostering innovation and may boost economic growth.
Democratic Republic of Congo Crypto: Inspiring Change Through Bitcoin Mining
In the DRC, Sébastien Gouspillou, co-founder of BigBlock Datacenter, is pioneering “transformative” Bitcoin mining operations.
His work aims to advance crypto and Bitcoin adoption in Africa while demonstrating the positive contributions of mining to local communities and conservation efforts.
His data center, located in the Virunga National Park, has generated funds for park conservation and created employment opportunities.
Despite challenges like flash flood risks, Gouspillou plans to expand these mining operations, creating more jobs and electrifying rural Africa.
That’s all for this week; tune in next weekend for your latest Africa crypto industry update – and discover how the new US President impacts markets in his first week!
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The post Africa Crypto Week In Review: Kenya Plans To Regulate Crypto, Namibia To Oversee Trading As Bitcoin Miner Changes Lives In DRC appeared first on 99Bitcoins.