Africa Crypto News Week in Review: Nigeria Exchange In Kenya, South Africa Enforcement Action, Ghana Central Bank On VASP Registration

Africa crypto news in review: Roqqu expands to Kenya as South Africa cracks down on scams. Ghana to clarify on VASP registration.

Nigerian exchange Roquu has acquired a Kenyan startup as it eyes the East African market. Meanwhile, South African regulators are stepping up their efforts to combat fraud in the online crypto space. 

In Ghana, the Central Bank is finally set to issue directives on registration for Virtual Asset Service Providers (VASPs). Clarity will only encourage more businesses to set up shop, allowing users to get exposure in the next 1000X cryptos.

Let’s take a brief look at these continental headlines below:

Kenya Crypto News: Nigerian Exchange Acquires Kenyan Startup

Nigerian crypto exchange Roqqu has acquired Kenyan startup Flitaa as it eyes growth in the East African market.

Flitaa launched in 2019 and operates in Kenya, Tanzania, Uganda, and Ghana. Roqqu acquired the startup to become a truly pan-African platform, boosting the number of people investing in some of the best cryptos to buy. 

The East African market is fertile ground for the Nigerian entity. Kenya and Uganda are also anglophone countries, with supporting regulatory frameworks for external investors.

Kenya’s move to enact the Virtual Assets Providers Bill will clarify the market for external investors looking to enter.

Roquu has made an early bet on this growth, hoping to become a notable player in these markets. 

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South Africa Crypto News: Regulators Crack Down on Online Scams

The financial market regulator in South Africa, the Financial Sector Conduct Authority (FSCA), has announced that it will spend 200 million Rand over the next 18 months to combat online scams. 

This move comes amid South Africa’s general reckoning and need to modernize its financial sector regulation. 

Unfortunately, crypto is a component of the scam blueprint. South Africa has had several infamous cases, such as the disappearance of about 70,000 BTC from a platform called Africrypt in 2021.

The investment in cracking down on online scams can be positive for the crypto sector, which has struggled with the proliferation of such entities.

Ghana Crypto News:  Central Bank Issues Directives On Registration 

After months of hinting at new regulations, the Central Bank of Ghana has issued a directive for all virtual asset service providers to register by August 15.

The Central Bank is issuing the directive to comply with international trends on disclosure and regulation of crypto exchanges.

For years, Ghana had little regulation of the crypto sector. However, the growing usage in the local market and pressure from international entities have resulted in this update.

Crypto stakeholders will look to comply with this deadline to continue operations in this market.

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The post Africa Crypto News Week in Review: Nigeria Exchange In Kenya, South Africa Enforcement Action, Ghana Central Bank On VASP Registration appeared first on 99Bitcoins.

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