In Africa crypto information this week, the Nigerian monetary enforcement company is partnering with blockchain evaluation platform Chainalysis to fight fraud. In Kenya, Honeycoin has raised $4.9 million to spice up its crypto and fiat funds community. In the meantime, in South Africa, the finance minister stated there are plans to launch a crypto framework by the top of the 12 months. The Financial institution of Ghana can be becoming a member of palms with the College of Ghana to advertise monetary innovation and develop coverage. On the continental stage, the IMF has discovered that stablecoin utilization in Africa accounts for about 6.7% of the continent’s GDP.
Did You Know—South Africa is main the crypto revolution in Africa with an 18% adoption charge amongst web customers aged 16-64?
Not solely is it the primary nation in Africa to acknowledge crypto as a monetary product, however cities like Johannesburg are additionally making world waves,… pic.twitter.com/UskwO7n2vA
— Lisk (@LiskHQ) August 28, 2024
Let’s have a look at crypto tales making continental headlines this week:
Nigeria Crypto Information: SEC Companions with Chainalysis to Fight Fraud
The Nigerian Securities and Trade Fee (SEC) has joined hands with blockchain platform Chainalysis to fight crypto fraud throughout the nation.
SEC Director Normal Emomotimi Agama confirmed the partnership at an occasion titled “Combating Scams with Blockchain Intelligence.”
Chainalysis is famend for its blockchain analytics companies and serves as a monitoring instrument for fraudulent schemes.
Nigeria is taking steps to collaborate with the blockchain business after a tumultuous relationship over the previous two years.
This partnership alerts that the nation is eager to create an setting for crypto to thrive. On the similar time, it appears to be like at defending shoppers from fraud issues which have emerged not too long ago.
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South Africa Crypto Information: Central Financial institution to Publish Crypto Regulatory Framework
South Africa’s Finance Minister, Enoch Godongwana, has revealed plans for the South African Reserve Financial institution (SARB) to publish a regulatory framework this 12 months protecting 
BTC ▼-0.66% and crypto companies.
In response to Godongwana, the framework will information crypto service suppliers within the nation, detailing situations, reporting, and administrative necessities, amongst others.
The framework goals to seal loopholes and curb illicit fund flows into crypto, which crypto companies can facilitate on behalf of shoppers, a few of whom are buyers in a few of the best cryptos to buy.
Progress has been made since December 2022. The finance minister famous that crypto service suppliers in South Africa have been categorized as accountable establishments beneath the Monetary Intelligence Centre Act (FICA) and are topic to AML guidelines.
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Kenya Crypto Information: Honeycoin Raises $4.9 Million for Stablecoin Operations
Kenya-based crypto startup Honeycoin has raised $4.9 million in a seed funding spherical to speed up the expansion of its stablecoin-compatible fee platform.
Honeycoin, launched in 2020 by David Nandwa, has carved a distinct segment in merging fiat rails with blockchain infrastructure. The platform has grown considerably, processing over $100 million in transaction quantity month-to-month. It has additionally expanded to over 40 international locations.
Talking on the brand new funding, Nandwa reiterated the corporate’s mission:
“Our mission is to construct the working system for cash, the way it’s moved, held, and picked up, no matter medium or geography. Simply as Apple redefined computing and Visa reworked world commerce, we consider monetary infrastructure is present process one other once-in-a-generation shift.”
The funding spherical was led by Flourish Ventures, with participation from Visa Ventures and TLcom Capital. Honeycoin anticipates that the capital injection will allow speedy scaling and full harnessing of regional blockchain potential.
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Ghana Crypto Information: College of Ghana Companions with Central Financial institution
The Financial institution of Ghana (BoG) has partnered with the College of Ghana to strengthen financial analysis, monetary innovation, and coverage formulation.
In a press launch, the central financial institution introduced it would set up a Chair in Finance and Economics to advance the aims of this partnership.
Professor Yegandi Alagidede at the moment holds the Financial institution of Ghana Chair in Finance and Economics.
Dr. Johnson Asiama, the Governor of the central financial institution, stated the chair can be key in shaping the nation’s monetary infrastructure. Furthermore, the chair will fast-track the bridging of coverage and academia hole, and mentoring future policymakers and economists.
This partnership can even deal with growing the e-Cedi, a central financial institution digital forex (CBDC) whose pilot was launched as a part of the Digital Ghana Agenda.
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Africa Crypto Information: Stablecoin Flows in Africa Hit 6.7% of GDP Per IMF
The Worldwide Financial Fund (IMF) has discovered that stablecoin flows in Africa reached 6.7% of the continent’s GDP in 2024.
This determine represents one of many highest regional ratios globally, although the continent lags behind North America and Asia in whole volumes.
(Supply: IMF)
The IMF reported that Africa and the Center East accounted for $200 billion in stablecoin transactions in 2024. USDT and USDC stay the popular stablecoins. This selection is basically as a consequence of their established repute and ties to the USD, the de facto world reserve forex.
These numbers spotlight a continent punching above its weight within the crypto sector. Regardless of lagging generally financial indicators, Africa’s crypto utilization is accelerating. Most significantly, extra individuals are exploring a few of the best meme coin ICOs.
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Africa Crypto Information: Nigeria Chainalysis Deal, South Africa Framework
- Nigeria crypto information: The SEC is becoming a member of palms with Chainalysis to fight crypto fraud
- South Africa crypto information: Central financial institution, SARB, to launch a crypto framework in 2025
- Ghana crypto information: College of Ghana companions with central financial institution for monetary innovation
- Africa crypto information: Stablecoin transactions hit 6.7% of continent’s GDP in 2024
The submit Africa Crypto News Week in Review: Nigeria Partners with Chainalysis, South Africa to Release Crypto Framework, as Stablecoin Adoption Rises appeared first on 99Bitcoins.
