Africa crypto news: A judge in South Africa has criticized outdated laws for crypto regulation while banks in Kenya express readiness to support cryptocurrency, coinciding with Tether’s investment in Shiga Digital.

South Africa Crypto News: Modern Legislation Required

A High Court judge in South Africa, Mandlenkosi Motha, has criticized the South African Reserve Bank for continuing to use Apartheid-era laws to regulate cryptocurrency. He indicated that cryptocurrencies have been around for 15 years, suggesting that old regulations should not be maintained.

This ruling was part of a legal dispute involving Standard Bank and James Ewing & Sons, who had transferred funds to international crypto exchanges. There is a strong call for the revision of these outdated laws as South Africa strives to enhance its status as a global cryptocurrency hub.

“South Africa is quietly becoming the Switzerland of African crypto…”
Translation: “South Africa is quietly becoming the leading hub for crypto in Africa…”

Kenya Crypto News: Banks Embrace Cryptocurrency

Recent findings from a Central Bank survey indicate that a significant number of banks in Kenya are prepared to process crypto transactions. This shift in attitude marks a notable change from a decade ago when banks were discouraged from engaging with Bitcoin and other cryptocurrencies.

If the Virtual Asset Service Providers (VASP) bill currently being debated in Parliament is passed, it could drastically change the regulatory landscape for crypto in the country. This supports the growing trend of cryptocurrency transactions among Kenyans while paving the way for new investment opportunities.

Tether’s Investment in Shiga Digital

Tether, the issuer of the widely-used USDT stablecoin, is expanding its footprint in Africa through its investment in Shiga Digital. The move aims to facilitate the use of USDT for cross-border settlements within Africa, potentially increasing liquidity for Shiga Digital’s offerings. Tether’s goal is to strengthen its market presence worldwide—especially in the African fintech arena.

This partnership holds promise for both parties, providing beneficial products and services tailored to the evolving digital finance landscape in Africa.