Sats & Gwei | Kenya looks to tax crypto transactions | South African Reserve Bank eyes ‘digital rand’| Celo Foundation unveils Web3 Fund for startups in Africa| and more!
Bankless Africa presents Sats & Gwei, a podcast for your weekly crypto news update from all around Africa!
Crypto never sleeps, it’s been another lively week filled with activities.
Some organizations such as the IMF are trying to leverage the FTX collapse to push for more crypto regulation across Africa. It’s time to regulate - they say! While some are calling for more regulation, other organizations such as South African exchange Luno, says it has not been affected by the collapse of FTX, even as its sister company Genesis Global Capital faces potential liquidity pressures - Luno uses Genesis for its savings wallet.
Kenya delves into taxing crypto transactions - Plans are underway in Kenya to amend the capital markets law, which will see an introduction of a 20% excise tax on every crypto transaction fee, this move is seen widely as a potentially ineffective strategy to reduce foreign borrowing through the expansion of the domestic tax net.
Should the bill be approved by the Kenyan Parliament, Kenyans will be subject to capital gains tax or income tax to be remitted to the Kenya Revenue Authority for the sale and/or use of crypto.
Crypto Hub Africa has announced its plans to launch the African Crypto Giants awards. This award will serve as a platform to recognize the efforts of innovators and builders who have worked relentlessly to advocate blockchain education in Africa, as well as create amazing products and services that have helped revolutionize the African digital economy.
All these and more in this episode. Do enjoy.
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Sats & Gwei is a Bankless Africa podcast that brings you weekly crypto/web3 headlines about the Africa continent. Stay up to date with the most relevant crypto happenings across Africa.
None of what is shared in this show is financial advice. Only the opinions of the individuals that make this show possible. Remember to always do your own research.