Africa Crypto Update Weekly Recap: South Africa Advocates for Updated Crypto Regulations, Kenyan Financial Institutions Prepare for Crypto asset as Tether Grows

Africa crypto news: A South African judge is advocating for updated crypto asset regulations, and Kenyan banks are preparing for crypto as Tether invests in Shiga Digital.

A judge from South Africa has expressed discontent with the nation’s financial authorities for depending on laws established during Apartheid to oversee crypto. Meanwhile, a survey by the Central Bank in Kenya indicates that a growing number of banks are ready to facilitate digital currency transactions. At the same time, Tether, the company behind the widely-used USDT stablecoin, has made an investment in the pan-African crypto and fintech initiative Shiga Digital, signifying its intention to strengthen its foothold on the continent.

Let’s take a closer look at the significant crypto stories making headlines in Africa this week:

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South Africa Crypto News: Judge Advocates for Contemporary Laws

Mandlenkosi Motha, a High Court judge in South Africa, has denounced the South African Reserve Bank for utilizing laws from the Apartheid era to manage cryptocurrencies.

He pointed out that cryptocurrencies have been in existence for 15 years, and continuing to enforce archaic laws is unjustifiable.

These statements arose during a case involving Standard Bank and James Ewing & Sons, which had moved funds to global crypto platforms.

The dialogue also pertained to South African regulations regarding trading platform control.

Judge Motha concurred with arguments presented throughout the case highlighting the inadequacy of obsolete legislation for crypto compliance, which includes some of the next cryptos expected to surge.

These remarks emphasize the necessity to modernize trading platform control and associated laws regarding digital currency, particularly as South Africa evolves into a crypto hub.

South Africa is gradually becoming the Switzerland of African crypto…

248 crypto licenses received approval by December 2024, with 420 applications submitted, and only nine were rejected.

That’s an approval rate exceeding 95% for companies that meet the criteria.

What’s fueling this:

– Clear…

— I D R I S (@olanetsoft) June 3, 2025

Kenya Crypto News: Banks Prepared to Provide Crypto Services

An informal survey by the Central Bank suggests that nearly one-third of Kenyan banks are ready to engage in digital currency transactions.

Currently, Parliament is discussing legislation for virtual asset service providers, indicating that the banking sector is inclined to price floor it.

Although informal, the survey illustrates the prospects banks recognize within this sector.

Financial institutions are warming up, ten years after the Central Bank of Kenya originally discouraged banks from engaging with Bitcoin and cryptocurrencies in general.

(Source)

Should the VASP draft legislation currently in Parliament be enacted, it could represent a significant turning point for crypto asset, enabling companies to function within a clarified regulatory landscape.

Millions of Kenyans are already engaging in various cryptocurrencies, and a supportive legal framework could further enhance usage, potentially channeling more investment into some of the most promising meme token ICOs.

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Africa Crypto News: Tether’s Investment in Shiga Digital, Aiming for Growth

Tether, the provider of USDT, has broadened its influence in Africa by committing funds to Shiga Digital.

The issuer of the stablecoin aspires to enhance the utilization of USDT for cross-border settlements across Africa. The substantial protocol and reputation of USDT can also offer significant market fluidity to Shiga Digital.

Looking for a streamlined way to deposit GBP or Euro to your bank from stablecoin? Just share your Shiga stablecoin crypto wallet to receive GBP or EURO directly in any of your GBP or EUR accounts.

After establishing your accounts – simply send stablecoin to your designated…

— abiolashogbeni.eth (@shogz_snr) January 2, 2025

USDT stands as a pivotal trading pair for many cryptocurrencies and serves as a reliable option for traders aiming to lessen fluctuations in their transactions.

This strategic alliance may result in mutual benefits, as Shiga Digital has developed a portfolio of products and over-the-counter services for its clientele.

Specializing in blockchain applications for digital finance and cloud solutions, Shiga Digital has a continent-wide ambition, with co-founder Abiola Shigbeni providing valuable insights into the African landscape.

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2025

The post Africa Crypto Announcement Week in Review: South Africa Calls for Modern Crypto Laws, Kenyan Banks Ready for Crypto as Tether Expands appeared first on 99Bitcoins.