Jump into the latest Crypto Africa weekly news round-up to discover Kenya’s crypto tax updates, Binance Africa’s Crypto initiative growth, and new Alchemy pay investments in the continent.
Crypto platforms are investing across the continent at high speed as crypto growth grips leading African economies, and regulators from Kenya to South Africa to Nigeria are pushing for big changes.
Alchemy Pay and Yellow Card Invest in Africa
Singaporean crypto and fiat payment service provider Alchemy Pay is partnering with fintech firm Yellow Card to provide crypto services across twenty African countries. The partnership aims to increase crypto access for users using simple banking and mobile services.
Yellow card has existing payment infrastructure in countries like South Africa, Uganda, and Rwanda. Integrating with Alchemy Pay allows billions of dollars annually across Africa to access crypto and DeFi platforms more easily.
Alchemy Pay intends for this collaboration to give them a rapid opening into the African market, improving their global outlook.
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Binance Boosts Integration In Central and West Africa
Months after a dramatic exit from the Nigerian market, Binance is on a charm offensive in the region. The world’s largest exchange has added Benin, Ivory Coast, The DRC, Togo, and Senegal to its list of countries where users can purchase crypto using mobile money.
It is useful to purchase small amounts of coins and pay directly from a mobile. In countries like Kenya, Binance has a strong foothold in the market because payments using the mobile payment service Mpesa have become easy. Binance is keen to replicate similar success on the other side of the continent.
Crypto Africa Growth Pushes Kenya’s Tax Agency to Integrate Crypto Tax Monitoring
The Kenya Revenue Agency (KRA) has integrated a real-time tax system to monitor crypto exchange activity. The country has one of the highest proportions of users on the continent. The government intends to add cryptocurrency revenue to its pool of taxable income.
Crypto taxation is more difficult to enforce because of the parallel system that the blockchain provides. The transaction details are not with centralized institutions like banks and card companies to share the information.
Crypto money services providers like exchanges and off-ramp services are the next best thing because they can be the targets of regulators’ disclosure requirements.
The details of the enforcement mechanisms are still unclear. Regardless, it shows that regulators are increasingly acknowledging the revenue generation opportunities in this industry.
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