Sub-Saharan Africa is the region with the smallest cryptocurrency economy, representing only 2.3% of the global transaction volume from July 2022 to June 2023. During this period, the region accumulated an estimated $117.1 billion in on-chain value. No country exemplifies this better than Nigeria, according to blockchain Chainalysis, which ranks second overall on the blockchain...Read More
South Africa’s financial regulator has asked exchanges operating in the country to obtain a license before the end of 2023. Crypto firms who fail to adhere to the directive before the deadline could be fined or have their businesses closed down by authorities. New Licensing Regime in South Africa The Financial Sector Conduct Authority (FSCA)...Read More
On January 23, South Africa’s Advertising Regulatory Board (ARB) introduced new cryptocurrency-focused rules into the nation’s advertising code to protect consumers from misleading advertising. The new guidelines aim to ensure that cryptocurrency advertisements accurately state the risks involved with all cryptocurrency investments, making it clear to consumers that they stand to lose their capital due...Read More
One of the largest supermarket chains in South Africa – Pick n Pay – reportedly enabled customers to settle their bills in cryptocurrencies, including bitcoin. The offering covers 39 of the company’s stores located across the country. The National Children’s Advocacy Center also hopped on the bandwagon, allowing people to donate digital assets. The Latest...Read More
Merchants’ consumer survey found out that 53% of the South African participants have little to no knowledge of cryptocurrencies. Interestingly, almost half of the respondents said they would be more open to the digital asset realm if local banks provided such services. South Africans Need More Education The Johannesburg-based management company – Merchants – determined...Read More
A study conducted by the United Nations (UN) determined that 8.5% of Kenya’s population own digital assets, which makes up around 4.25 million people. This makes the country a leader in cryptocurrency adoption across Africa, while globally, Ukraine ranks first, with 12.7% of its residents being HODLers. Kenyans’ Surging Appetite for Crypto Kenya – an...Read More
Non-fungible tokens continue to be used for some humanitarian reasons, and the latest example came from South Africa. A digital collection of Nelson Mandela’s original arrest warrant from over half a century ago was sold for more than $130,000 to fund a heritage site. Mandela NFT Sold for $130K Prior to becoming South Africa’s first...Read More
The police in South Africa are looking into a possible crypto scam case after an investment company attempted to reimburse some investors from the now-defunct Africrypt exchange. Police Launch Closer Look at Africrypt Bloomberg informed that South African Police forces across four provinces, including Durban and Johannesburg, are currently investigating reports in connection to the...Read More
According to a recent poll, most cryptocurrency investors from Kenya, Nigeria, and South Africa have entered the digital asset market with long-term goals such as securing their families’ wellbeing. Crypto to Fund Children’s Education The London-based company – Luno – conducted a survey with nearly 7,000 participants from Nigeria, Kenya, South Africa, the UK, Australia,...Read More
Every day an increasing number of countries turn their back on Binance, sending warnings to their users, letting them know that if they use the exchange, they are basically on their own in case of any inconvenience. A few hours ago, the Financial Sector Conduct Authority (FSCA) of South Africa issued a Press Release stating...Read More
The central banks of Australia, Singapore, Malaysia, and South Africa will reportedly launch a trial program to test cross-border payments employing different CBDCs. Their mission: to determine whether the move would enable more accessible transactions. The Multinational Partnership Central bank digital currencies appear to be an attractive financial instrument for numerous countries across the globe...Read More
The cryptocurrency investment company in Cape Town, South Africa – Africrypt – allegedly stole nearly 70,000 bitcoins. The two brothers Ameer and Raees Cajee, who are the founders of the firm, have disappeared. The Biggest Crypto Scam in South Africa Bloomberg reported that the customers of the South African trading venue – Africrypt – became...Read More
South Africa is the latest country to come down on cryptocurrency investors, with the South African Revenue Service (SARS) sending audit requests to taxpayers, requesting them to disclose cryptocurrency trades and purchases. The audit request contains questions relating to the purpose for which the taxpayers purchased cryptocurrencies, with SARS also requesting a letter from the...Read More
With the idea of crypto-assets gaining steam across the world, the question really is which country will be left behind. South Africa seems to be the latest country to make an effort to regulate cryptocurrencies after the FSCA, the country’s premier financial regulator, issued a declaration that stated that the country intends to treat cryptocurrencies...Read More
In brief: The team at Binance has made 3 major announcements in less than 24 hours. Firstly, Binance launched a new Fiat on-ramp for the South African Rand (ZAR). Secondly, the team launched a new OTC trading portal. Thirdly, flexible deposits are now available for Litecoin (LTC) and Tron (TRX). The last 24 hours have...Read More
2019 was an interesting year for cryptocurrencies. Some would say it wasn’t as bad as the crypto winter in 2018 and others would note it wasn’t as great as bull run 2017. One thing’s for sure, ever since the all-time price highs, interest in cryptocurrencies has been waning. According to data from Google Trends and...Read More
Hackers have breached the computer network of South Africa’s commercial capital Johannesburg in an attempt to ransom the city for Bitcoin. Consequently, the city has shut down its website and suspended all e-services as a ‘precautionary measure’. At the time of writing the city’s website was still inaccessible. The city of Johannesburg’s official web portal...Read More
