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Weekly Marclock

Plus: 🇷🇼 Rwanda presents cryptographic regulations 🇿🇦 South African taxes target cryptographic tax defaults.

KPMG encourages Nigerian banks to adopt blockchain and cryptographic companies

Topline:Big Four KPMG has encouraged Nigerian financial institutions to adopt blockchain technology and collaborate with cryptocurrency companies instead of keeping them at a distance. (Details))

Drive the news: In a joint publication with the Blockchain Chainalysis analysis company, KPMG underlines how the prohibition on the prohibition of the central bank of the Central Bank (CBN) 2021 to facilitate cryptographic transactions failed to limit adoption. Instead, the Nigeria share of world cryptography entries continued to grow.

• Between June 2022 and July 2023, Nigeria was one of the six countries worldwide to record growth in annual sliding (annual sliding) of cryptographic transactions.

KPMG recommendation: KPMG said that recent development towards regulations and integration could offer advantages to traditional banks and cryptographic companies.

• He encouraged financial institutions to maximize the capacity of blockchain technology to improve surveillance systems inherited with that which “far exceeds traditional surveillance capacities”.
• Conversely, crypto exchanges can benefit from the expertise of traditional risk management institutions to improve their financial integrity and strengthen anti-flowage controls.

Why this counts: In February 2021, the CBN forbidden Nigerian financial institutions of the transaction with cryptocurrencies or companies treated with it.

• He ordered the banks to close the suspected accounts to facilitate cryptographic transactions or to belong to individuals or companies involved in cryptographic trading.
• However, the Nigerians moved to peer trade, which maintained the adoption of strong cryptography.
• The CBN reversed the ban in December 2023, allowing banks to work with cryptography companies approved for the first time in almost three years.

Rwanda presents the cryptographic regulation project

Topline: Rwanda Capital Markets Authority (CMA) and the National Bank of Rwanda (NBR) have published cryptographic regulations, demanding that all virtual asset service providers (VASP) are part of licenses or face penalties. (Details))

Details: The new regulation entered into force on March 3, with public comments open until March 14.

• The project places virtual assets and cryptographic companies under the jurisdiction of the AMC and establishes a license framework.
• The law also applies the travel rule, obliging exchanges to collect and share the details of user transactions for anti-whiteness compliance.
• Undocaled crypto operators face fines of up to $ 21,000 and up to five years in prison.
• However, cryptocurrencies remain illegal as a tender, with the exploitation of cryptography and automatic tickets of tickets also prohibited.

Before now: The government of Rwanda has always been careful about the crypto, prohibiting transactions in digital currency while allowing informal use between peers.

South African taxes target the failing of the cryptographic tax

Topline: The South African Revenue Revenue Service (SRAS) intensifies its repression against the failing taxes, targeting cryptographic investors who have not disclosed their profits in the past five years. (Details))

Details: The SRAS launched a specialized crypto tax unit to issue tax default notices to people who have not disclosed their taxable cryptocurrency assets and target those who tried to escape their obligations.

• Thomas Lobban, legal director of Tax Consulting South Africa, said that the cryptographic unity of SRAS has been audited by individual cryptography activity for five years.
• To apply compliance, the SRAS collaborates with crypto exchanges to obtain user data and compare them with tax declarations.

Key quote:

“SRAS has the power to approach anyone and request information about your tax questions, including from cryptocurrency platforms. The SRAS team is very well informed about the cryptocurrency, works with sharpness, fully fulfills its functions and has many resources to pursue its objectives. »»

Before now: South Africans thought that crypto was free of tax until the SRAS specifies that crypto gains are subject to taxation.

Catch up

🇳🇬 Binance blocks Nigerian users Access free awards and Ardrops (Mariblock)

🇿🇦 Luno Chief calls for regulatory clarity around Bitcoin’s onshore status in South Africa (Mariblock)

🇿🇦 Social media accounts of Parliament its hacker to promote the launch of Token Ramaphosa (Daily Maverick)

🇳🇬 Nigeria moves carefully to tame the largest cryptography market in Africa (AFP)

🇬🇭 President Mahama: Solana and the crypto are the key to the financial future of Africa (Binance)

Opportunities

• Visa opens the requests for cohort 4 of its Africa Fintech Accelerator program. Deadline: March 25, 2025. (Details))
• The African Blockchain Talent Society Web3bridge has opened the waiting list for its 13th cohort. Join the waiting list here.
• USAID announces the women’s incubator program in Kenya entrepreneurship. Apply here.

That’s it for this week.

Until the next time, stay informed.

Ogechi.