Major developments have occurred in the cryptocurrency sector across Africa, with significant progress this week. Kenya has taken a crucial step towards regulating its burgeoning crypto space, while Namibian regulators have moved cautiously to legalize cryptocurrency exchanges.
Meanwhile, in the Democratic Republic of Congo, Sébastien Gouspillou’s inspiring story of mining Bitcoin in the jungle highlights the potential for positive impact.
Kenya Crypto News: Nairobi Reveals New Crypto Law Awaiting Public Feedback From Kenya Crypto Community
While cryptocurrencies are not banned in Kenya, a clear regulatory framework is lacking, particularly for companies developing crypto infrastructure or solutions.
This is set to change as the country undergoes a paradigm shift in its approach to regulating cryptocurrencies. The government is preparing a regulatory framework to regulate crypto activities.
According to Treasury Cabinet Secretary John Mbadi, this indicates Kenya’s willingness to embrace cryptocurrencies while addressing risks such as terrorist financing and money laundering.
In a statement, Mbadi he said:
“Kenya’s financial sector is a beacon of innovation and growth in Africa. The emergence and growth of Virtual Assets (VA) and Virtual Asset Service Providers (VASP) 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 take advantage of the opportunities presented by VAs and VASPs while managing the risks that arise from them.”
The draft law, “National Policy on Virtual Assets and Virtual Asset Service Providers,” outlines how Kenya intends to create a fair and stable cryptocurrency 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’s (FATF) gray list.
Namibia Crypto News: Central Bank grants provisional African cryptocurrency licenses to four companies
In Namibia’s 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 cryptographic oversight and addresses risks of fraud, market manipulation and money laundering.
These companies will have six months to create the necessary infrastructure and hire staff before final approval.
Kazembire Zemburuka, spokesperson for the Bank of Namibia, he said provisional licensing demonstrates their commitment to balancing financial innovation with public protection.
“Only after six months do they get final approval. In the meantime, they need to hire staff and build infrastructure. If they are ready before six months, the bank will be able to inspect the structure and, once approval is granted, it will be able to involve the public.”
This move is widely seen as positive, as it promotes innovation and can spur economic growth.
Democratic Republic of Congo Cryptocurrencies: Inspiring Change Through Bitcoin Mining
Sébastien Gouspillou, co-founder of BigBlock Datacenter, is located in the DRC pioneering “Transformative” Bitcoin mining operations.
His work aims to promote the adoption of cryptocurrencies and Bitcoin in Africa, while demonstrating the positive contributions of mining to local communities and conservation efforts.
Its data center, located in Virunga National Park, has generated funds for park conservation and created job opportunities.
Despite challenges such as the risk of flash floods, 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 update on the African cryptocurrency sector and find out 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 Cryptocurrencies and Namibia Oversee Trade as Bitcoin Miners Change Lives in DRC appeared first on 99Bitcoins.