In the latest African cryptocurrency news, several significant developments have emerged:

• Kenya’s New Virtual Assets Bill: The Kenyan Parliament is presently reviewing a bill designed to regulate virtual asset service providers, marking a shift toward formal oversight in the crypto space.

• Nigeria’s Binance Tax Lawsuit Postponed: A Nigerian court has delayed the tax evasion case against Binance until late April, as the government requires the exchange to pay $2 billion in claimed unpaid taxes. Binance contests this assertion, arguing its operations do not create tax liabilities in Nigeria.

• Bitcoin Africa Conference in Cameroon: Taking place in Douala from April 25 to 27, the Bitcoin Africa Conference aims to foster financial inclusion and innovation, gathering crypto entrepreneurs across the continent.

Let’s delve into each of these stories that dominated the African crypto headlines:

Kenya: Virtual Assets Bill Before Parliament

The Kenyan Treasury has forwarded a bill aiming to regulate virtual asset service providers, emphasizing stakeholder engagement in its formation.

The proposal outlines a framework for the Capital Markets Authority (CMA) and the Central Bank to oversee exchanges, emphasizing compliance with international regulations on illicit financial flows and customer identification.

“Today I reviewed Kenya’s recently published Virtual Assets Services Providers Bill 2025… All things considered, it looks ok to me.” — Kioneki (@pesa_africa) [January 19, 2025]

Historically, Kenya has adopted a hands-off approach to cryptocurrency regulation. However, recent market trends underline the necessity for regulatory action in response to the growing crypto adoption.

Nigeria: Binance Case Delayed

In Nigeria, the ongoing litigation against Binance regarding alleged tax evasion has been postponed. The government has accused the exchange of accumulating $2 billion in unpaid taxes. Binance sees this as a retaliatory measure and maintains that its operations are based in the Cayman Islands, which should exempt it from Nigerian tax liabilities.

“🚨 BREAKING: Nigeria has filed a lawsuit against Binance, claiming $79.5 billion in economic losses and $2 billion in unpaid taxes over the past two years.” — Token Metrics (@tokenmetricsinc) [February 19, 2025]

As Nigeria tries to carve out a more structured regulatory framework for cryptocurrency, the outcome of this case could significantly impact the trading environment.

Cameroon: Bitcoin Africa Conference

The annual Bitcoin Africa Conference is back and will be held in Douala, Cameroon, with a focus on financial innovation and inclusion, scheduled for April 25-27. This event aims to unite crypto innovators and entrepreneurs, further promoting the growth of the industry on the African continent.

Previous editions of this conference have been successfully conducted in various nations like Kenya and Senegal, offering a platform for entrepreneurs to share insights and network within the burgeoning crypto landscape.

Through such initiatives, the hope is to motivate and teach the next generation of crypto innovators, opening paths for investment in promising crypto ventures.