Africa Crypto Week Recap: Kenya Advances Crypto Legislation, Nigeria Delays Binance Lawsuit While Cameroon Welcomes Bitcoin Africa Conference
In the most recent updates from the African crypto scene, Kenya has presented a new virtual assets bill to Parliament as it moves to regulate cryptocurrencies. In contrast, Nigeria has delayed the Binance tax lawsuit until late April, with the government demanding $2 billion in taxes that it asserts were unpaid. Simultaneously, the BTC Africa Conference is scheduled to take place in Cameroon.
The regulatory environment in Africa is quickly aligning with global standards for crypto regulations. In Kenya, Parliament is evaluating a virtual assets bill shortly after Nigeria enacted new securities regulations that include cryptocurrency. Meanwhile, the conflict with Binance continues in Nigeria, now escalated to the courts. Additionally, the BTC Africa Conference is anticipated to occur in Cameroon in April.
Let’s delve into the headlines that have dominated the African crypto update this week.
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Kenya Crypto News: Virtual Assets Bill on Parliament’s Table
The Kenyan Treasury has introduced a bill to Parliament that aims to regulate virtual asset service providers.
In recent months, the regulatory body has engaged in consultations with stakeholders before presenting the bill for parliamentary debate.
Key features of the bill require the Capital Markets Authority (CMA) and the Central Bank to oversee service providers and exchanges. These two major regulators must also implement international regulations concerning illicit financial flows and customer identification.
Today I reviewed Kenya’s recently published Virtual Assets Services Providers Bill 2025, AN ACT of Parliament to provide a legislative framework to regulate virtual asset services in Kenya.
All things considered, it looks ok to me. pic.twitter.com/si8T6xv3m4
— Kioneki (@pesa_africa) January 19, 2025
For over a decade, Kenya has maintained a liberal approach to crypto compliance. However, the rise in cryptocurrency use and global trends have driven regulators to pursue this legislative action.
Local crypto advocates are hoping for an inclusive process that takes into account all facets of the industry.
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Nigeria Crypto News: Binance Case Adjourned to End of Month
Binance is experiencing legal challenges in Nigeria as a court has postponed a tax evasion lawsuit until late April. For the past year, the prominent trading network has been engaged with authorities in various instances regarding its operations in Nigeria. Through the network, individuals have had the opportunity to purchase some of the top Solana meme coins, achieving substantial returns during the last bull crypto market.
BREAKING: Nigeria has filed a lawsuit against Binance, claiming $79.5 billion in economic losses and $2 billion in unpaid taxes over the past two years. pic.twitter.com/aluZjOgbaG
— Coin Metrics (@tokenmetricsinc) February 19, 2025
The Nigerian government has levied a claim against Binance for $2 billion in alleged back taxes owed by the exchange. Binance perceives this action as retaliatory and has initiated a court motion to challenge it.
Moreover, Binance contends that it is registered in the Cayman Islands and lacks a physical presence in Nigeria that would establish the tax obligation asserted by the authorities.
While the resolution of this case is still pending, stakeholders are pondering the broader effects for the entire crypto ecosystem.
Nigeria’s relationship with the crypto industry has been complex. The nation has recently implemented securities regulations aimed at structuring the sector more coherently.
The outcome of this legal confrontation and the subsequent regulatory framework will delineate the government’s strategic direction moving forward.
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Cameroon Crypto News: BTC Africa Conference Coming to Douala
The Bitcoin Africa Conference will be hosted in Douala, Cameroon, from April 25 to April 27.
(Source)
This conference aims to focus on financial inclusion and innovation, striving to gather crypto entrepreneurs from both the region and across the continent.
Previous conferences were held in countries such as Kenya and Senegal.
This event presents another chance for pioneers, entrepreneurs, and thought leaders to convene and discuss how to advance this industry on the African continent.
Organizers aspire to inspire and educate the next generation of crypto innovators. Subsequently, some attendees may seek to investigate and even invest in the most promising cryptos to purchase in 2025.
Africa Crypto News: Kenya Crypto Bill, Nigeria Binance Lawsuit Delay, and BTC Africa Conference in Cameroon
- Kenya is moving to regulate crypto with the virtual asset bill presented to Parliament
- In Nigeria, a court has postponed the Binance case to late April, with the government demanding $2 billion in taxes from the exchange
- The BTC Africa Conference 2025 is scheduled for Douala, Cameroon, to promote crypto and its innovation
The post Africa Crypto Week in Review: Crypto Bill in Kenya, Nigeria Puts Off Binance Suit as Cameroon Hosts BTC Africa Conference appeared first on 99Bitcoins.
