Weekly Overview of Africa’s Crypto Landscape: Celebrating Kenya’s Gains, VALR Partners with MoonPay, and Legal Actions in Nigeria

In this week’s edition, Binance has praised Kenya’s advancements in crafting a regulatory framework for cryptocurrency but has expressed caution about imposing heavy taxation. Additionally, VALR has joined forces with MoonPay to broaden access to a variety of fiat currencies, while in Nigeria, nine Chinese nationals have been sentenced to one year in prison for involvement in crypto scams.

Kenya Crypto News: Binance Lauds Regulatory Progress

Binance has commended the efforts made by Kenya towards developing a regulatory structure for the crypto sector. Larry Cooke, Head of Legal for Africa, referred to the progress surrounding the Virtual Assets Service Providers (VASP) Bill currently under parliamentary review.

“The Virtual Asset Service Providers Bill is a game-changer… it’s a symbol of Kenya’s willingness to lead Africa in responsible innovation,” said Cooke.
However, he emphasized the need to avoid punitive tax policies that might stifle growth.

South Africa Crypto News: VALR and MoonPay Partnership

In South Africa, VALR has formed a partnership with MoonPay to enhance the accessibility of cryptocurrencies for their user base. This collaboration allows VALR to support 34 additional fiat currencies, which include well-known options like the Kenyan Shilling and Nigerian Naira.

“We are thrilled to partner with MoonPay to enhance our platform’s accessibility for users worldwide,” stated Farzam Ehsani, Co-Founder and CEO of VALR.

Nigeria Crypto News: Nine Chinese Scammers Jailed

The Nigerian Economic and Financial Crimes Commission has condemned nine Chinese nationals to prison for various cyber-related offenses associated with crypto and romance scams.

“Lagos Court Jails Nine Chinese for Cyber-t€rrorism and Internet Fraud in Lagos,” announced a local news source.
These developments serve as a reminder of the challenges faced within the crypto ecosystem, while also highlighting the progress being made in certain regions.