Tether confirms Big Four audit pursuit, a transparency milestone for Africa where stablecoins account for almost half of crypto transaction volume. After 2021 CFTC sanctions for reserve misrepresentation, CEO Ardoino says audit “has become imperative as we serve markets like Africa where trust is paramount.” Expected completion: end 2025. Implications span Nigeria, Kenya, South Africa’s USDT-reliant markets.
From 2020’s MTI collapse (29,000 BTC, $1.7B) to 2021’s Africrypt exit ($3.6B) and 2025’s CBEX freeze, African mining scams follow a pattern: unrealistic returns, cloud mining fraud, and vanished operators. BitStream Circle stole $7.7M from Kenyans, Mining City defrauded thousands with worthless BTCV contracts, while Amazon Web Worker swept Kenya, Nigeria, Ghana. With 16% of users vulnerable, due diligence and escrow services like Paxful protect investments
Nigeria’s Securities and Exchange Commission has transformed crypto oversight from ad-hoc bans to a structured regime. New SEC crypto regulations require ₦500M capital, monthly tax reporting to FIRS, and licensing through the ARIP program.
Jack Dorsey is betting that cross-border payments can be made cheaper and easier to integrate without recreating the “centrally” dominated crypto and fiat rails. On December 1, 2023, Block Inc.’s tbDEX protocol went live in Africa through Yellow Card as its first major Participating Financial Institution (PFI), and later with Chipper Cash joining the network. This is…
In November 2023, the Australian Tax Office (ATO) published updated web guidance that mainly echoed that they were in charge and not the industry. The Australian crypto tax guidance will treat DeFi actions (including “wrapping” and “unwrapping” tokens) as capital gains tax events. However, within weeks, responses to its efficiency were harsh. arrison Dell, director of crypto tax laws specialist…
The debate around central bank digital currencies is almost obsolete, with Africa already learning from past scenarios. For instance, the Central Bank of Nigeria (CBN) made a striking confession at the Cedi @ 60 conference. “It’s not a rosy story… Nigerians were not interested in the eNaira… The market was already providing solutions.“ These candid…
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