{"id":19173,"date":"2024-11-09T11:30:46","date_gmt":"2024-11-09T11:30:46","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=19173"},"modified":"2024-11-09T11:30:46","modified_gmt":"2024-11-09T11:30:46","slug":"africa-crypto-week-in-review-kenya-collects-77-5-million-in-crypto-revenue-nigeria-resilient-as-uganda-pushes-for-innovation","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=19173","title":{"rendered":"Africa Crypto Week in Review: Kenya Collects $77.5 Million in Crypto Revenue, Nigeria Resilient As Uganda Pushes For Innovation"},"content":{"rendered":"

Jump into the latest round-up of crypto Africa news as Africa crypto gets active \u2013 first in Kenya, where a crypto tax raid collected $77M, then in Uganda, where the continent\u2019s biggest innovators are rallying for the launch of a blockchain incubator, finally post-Binance dispute growth for Nigeria crypto industry.<\/p>\n

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. <\/span><\/p>\n

Meanwhile,\u00a0Kenya has announced record crypto revenues. Nigeria also continues to emerge as a global crypto powerhouse, and some innovation trends are taking shape in Uganda.<\/span><\/p>\n

Kenya Crypto Africa News: Revenue Boost to Kenya\u2019s Tax Collections\u00a0<\/span><\/strong><\/h2>\n

The Kenya Revenue Authority (KRA) <\/span>announced<\/span><\/a> it had collected about $77.5 million in the financial year ending June 2024.<\/span><\/p>\n

The revenue primarily comes from taxing trading platforms and self-reported trading gains taxes.\u00a0<\/span><\/p>\n

Kenya has had a lax approach to cryptocurrencies. In 2015, the Central Bank of Kenya (CBK) notified traders to handle crypto at risk. <\/span><\/p>\n

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.<\/span><\/p>\n

RELATED:\u00a0Trump Win Might Unlock a $100K Bitcoin Price by End of 2024<\/a><\/strong><\/p>\n

Uganda Crypto Africa News: Driving Innovation<\/span><\/strong><\/h2>\n

This week, the Blockchain Association of Uganda <\/span>announced<\/span><\/a> another edition of the blockchain innovation program. <\/span><\/p>\n

This association aims to further blockchain development, and it is<\/span> calling on young entrepreneurs and innovators to apply to join the program.<\/span><\/p>\n

The first edition of the innovation program brought together promising entrepreneurs from across East Africa, and this announcement looks to build on those efforts.<\/span><\/p>\n

<\/div>\n

\u00a0<\/p>\n

Promoters intend to utilize the program to foster innovation of blockchain products that solve real-life problems.<\/span><\/p>\n

Uganda<\/a> and Sub-Saharan Africa present a unique value proposition for crypto innovators. <\/span><\/p>\n

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.<\/span><\/p>\n

DON\u2019T MISS:\u00a0These Meme Coins Might 100X In The Next 6 Months<\/a><\/strong><\/p>\n

Nigeria Crypto Africa News: Warming Up To Blockchain <\/span><\/strong><\/h2>\n

Nigeria is embracing its potential for the sector after taking a restrictive approach earlier in the year.\u00a0 <\/span><\/p>\n

The recent release of Binance employee Tigran Gambaryan indicated the country\u2019s change in stance. <\/span><\/p>\n

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.<\/span><\/p>\n

<\/div>\n

\u00a0<\/p>\n

In their view, despite the regulatory crackdown this year, the Nigerian market has continued to bloom and is Africa\u2019s leading crypto market. <\/span><\/p>\n

Most importantly, the country\u2019s population has remained resilient and continues transacting billions of dollars in crypto annually. <\/span><\/p>\n

As regulations are being discussed, the Federal High Court of Nigeria recently <\/span>convicted<\/span><\/a> two local companies for transacting USDT-Naira trades without a banking license. <\/span><\/p>\n

Following these charges, the two must forfeit N50 million ($29,700) to the country\u2019s recovery agency, the Economic and Financial Crimes Commission (EFCC).<\/span><\/p>\n

EXPLORE: Africa Crypto Week in Review: Nigeria Releases Binance executive, KRA Targeting Crypto Holders In Kenya, As Ethiopia Cements Crypto Mining Lead<\/a><\/strong><\/p>\n

Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/p>\n

The post Africa Crypto Week in Review: Kenya Collects $77.5 Million in Crypto Revenue, Nigeria Resilient As Uganda Pushes For Innovation<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Jump into the latest round-up of crypto Africa news as Africa crypto gets active \u2013 first in Kenya, where a crypto tax raid collected $77M, then in Uganda, where the continent\u2019s 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 […]<\/p>\n","protected":false},"author":0,"featured_media":19174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19173"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19173"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/19174"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}