Jump into crypto Africa and discover the latest Africa crypto news! Kenya crypto bill could see tax changes, Nigeria crypto Seun Kuti has online meltdown.<\/p>\n
Compliance with existing laws is crucial for adoption, and Africa is no exception. <\/span>In Kenya, the Virtual Asset Service Providers (VASP) bill seeks to create a framework for crypto trading where regulated exchanges can access the vibrant market. <\/span><\/p>\n However, stakeholders want to review some of the proposals, which are mostly related to Kenya\u2019s treatment of crypto taxes<\/span>.<\/span><\/p>\n Meanwhile, in Nigeria, changes are being made to existing laws <\/span>to better protect<\/span> users. One such user is Seun Kuti, who reportedly lost money in a fraudulent crypto scheme before having an outburst against crypto online.<\/span><\/p>\n Kenya recently introduced the VASP bill, which will introduce new laws guiding crypto trading. <\/span><\/p>\n The idea is to eliminate or <\/span>completely<\/span> remove risks associated with money laundering and terrorism financing. <\/span>VASP will be part of a broader strategy to remove Kenya<\/a> from the Financial Action Task Force (FATF) grey list.<\/span><\/p>\n Being on this list means the country <\/span>is seen<\/span> as lax in monitoring and freezing suspect financial transactions, including crypto-related funds.<\/span><\/p>\n\n To spearhead this effort<\/span>, a technical working group is now tasked with drafting regulations for submission to the cabinet. <\/span><\/p>\n Progressive as it may be, stakeholders, including the Virtual Asset Consultative Council (VACC), <\/span>believe<\/span><\/a> there should be urgent amendments to the taxation model proposed in the bill. <\/span><\/p>\n Critics say the Digital Assets Tax (DAT), under Section 12F of the Income Tax Act, does not differentiate between personal investment and business activity. As such, should the VASP bill become law as it stands, long-term holders might be unfairly taxed. <\/span><\/p>\n Additionally, there is a lack of clarity on taxable events, including transfers between own wallets. The bill proposes taxing such transfers in a way that is <\/span>similar<\/span> to how profitable traders are taxed. <\/span><\/p>\n There are further concerns that the bill fails to recognize crypto\u2019s unique nature. Unlike traditional assets, taxing crypto <\/span>differs<\/span> and requires<\/span> existing tax laws to adapt to these new realities, especially regarding valuation and transactions. <\/span><\/p>\n In Nigeria, musician Seun Kuti took to X, condemning crypto and calling it a scam that exploits <\/span>the poor<\/span>. Reportedly, his sister lost over $33,000 in a crypto investment scheme. In a viral video, the artist said, \u201cCrypto is a lie\u201d and unfairly enables the transfer of wealth from the \u201cpoor to the rich.\u201d<\/span><\/p>\n “Crypto is a fcc*ing lie\u2026 My sister lost over 50 million to crypto”<\/p>\n \u2013 Seun Kuti pic.twitter.com\/4oIgbORKMq<\/a><\/p>\n \u2014 @\ud835\uddfc\ud835\uddfb\ud835\uddf2\ud835\uddf7\ud835\uddfc\ud835\uddef\ud835\uddf9\ud835\uddf2\ud835\ude00\ud835\ude00\ud835\uddef\ud835\uddfc\ud835\ude06 (@OneJoblessBoy) January 29, 2025<\/a><\/p>\n\n Despite his troubles, Nigeria has been at the forefront, seeking to protect crypto users <\/span>in the country<\/span>. <\/span><\/p>\n Regulators are also proposing more laws to keep pace with the rapidly changing landscape, in addition to cracking down on exchanges and restricting P2P transactions.<\/span><\/p>\n\n For example, the country\u2019s <\/span>Securities and Exchange Commission (SEC)<\/span> recently forwarded regulations that aim to create a structured crypto framework while<\/span>\u00a0protecting users and fostering innovation.<\/span><\/p>\n EXPLORE:\u00a0This Week In Crypto Asia: Thai Finance Minister Proposes Unified Licensing For Securities And Crypto Trading<\/a> Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n The post Africa Crypto News: Kenya\u2019s VASP Needs Revision, Musician In Nigeria Blasts Crypto<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Jump into crypto Africa and discover the latest Africa crypto news! Kenya crypto bill could see tax changes, Nigeria crypto Seun Kuti has online meltdown. Compliance with existing laws is crucial for adoption, and Africa is no exception. In Kenya, the Virtual Asset Service Providers (VASP) bill seeks to create a framework for crypto trading […]<\/p>\n","protected":false},"author":0,"featured_media":40866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-40865","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\/40865"}],"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=40865"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/40865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/40866"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Kenya Crypto News: VASP Needs Urgent Revisions for Crypto Africa<\/span><\/strong><\/h2>\n
Nigeria Crypto News: Artist Blasts Crypto: But African Regulators Are Stepping Up<\/span><\/strong><\/h2>\n
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