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🇿🇦 According to great reporting by Sandali Handagama for CoinDesk, South Africa's Intergovernmental Fintech Working Group will conduct analytical work on use cases for stablecoins and consider an appropriate policy and regulatory response during the course of this year. 🇿🇦 The group is also considering the impact of tokenization on domestic markets and plans to publish a discussion paper outlining the regulatory implications of tokenization and blockchain-based financial market infrastructure by December. 🇿🇦 Last year, the South African Financial Sector Conduct Authority (FSCA) and the Financial Intelligence Centre (FIC) declared crypto to be a financial product and started registering crypto asset service providers. 🇿🇦 According to the reporting, this year, the country will add stablecoins as a particular type of crypto, the Treasury department's budget paper said on Wednesday. Stablecoins are digital assets whose value is tied to assets like the U.S. dollar. 🇿🇦 The news from South Africa is more evidence that most countries across the globe are on their crypto regulatory journey and we are likely to start to see consistent standards develop. Amazing 📸 pic of Lionshead. ⛰️ CoinDesk piece in comment 👇Thanks Madeleine Boys 😉

“Securing Your Digital Legacy: The Future of Estate Planning in The Digital Age” In the digital age, the frontier of wealth management is rapidly evolving. With assets now sprawling beyond the tangible property into the digital to include online banking to cryptocurrencies and social media accounts—it's time to rethink estate planning. 🌐💼🔐 Our latest article, "From Bytes to Heirs: Digital Estate Planning in Wealth Management," co-authored by our Deputy Managing Partner, Funmilola Mesaiyete , Associates - Oluwaseyi Temiloluwa Adebayo, & Sharon Omoregie, discusses the integration of digital assets into estate planning. As Nigerian regulators tighten guidelines on digital assets, the need for a comprehensive digital estate plan has never been clearer. The article explores the evolving regulatory framework for digital assets in Nigeria, the essential components of a digital estate plan and how to safeguard your digital legacy for future generations 🛡️💡 Don't let your digital assets fade into the ether. Read the full article for more information on digital asset management: https://lnkd.in/ezq2w_RC For more insights or to consult with our family and wealth management team, please reach out to: Funmilola Mesaiyete: lola.mesaiyete@scp-law.com Oluwaseyi Adebayo: oluwaseyi.adebayo@scp-law.com Sharon Omoregie: sharon.omoregie@scp-law.com #DigitalEstatePlanning #WealthManagement #DigitalAssets #EstatePlanning #Inheritance #Cryptocurrency #NFTs #LegacyPlanning #SimmonsCooperPartners #NigerianLawFirm #AfricaLawFirm

VALR, South Africa's leading cryptocurrency exchange, has made a significant stride in its operations. The Financial Sector Conduct Authority (FSCA) has granted VALR its crypto asset service provider (CASP) license, including Category I and Category II licenses. The CASP license signifies a substantial milestone for VALR and the broader crypto industry in the country. Headquartered in Johannesburg, VALR raised $55 million in equity funding, across $3.4 million in its Series A round in July 2020 and $50 million in a Series B round in March 2022, a record as the largest fundraising round ever by an African cryptocurrency company. This move by FSCA to grant VALR its CASP license is a testament to the exchange's commitment to regulatory compliance, which is crucial to building a trusted and secure ecosystem for crypto investors. This development is expected to boost confidence in the industry, which has been grappling with regulatory uncertainties. Read more about VALR's CASP license here: https://lnkd.in/dY9Fk2Kt

Africa is Crypto’s ICP Obvious now you mention it Gwera Kiwana, but it helped that you made the case so simply and brilliantly… For the benefit of those who couldn’t make the #FutureofFinancialServicesSummit, Gwera observes that: - Crypto got off to a crappy start (globally, not just in the richest countries) - But what has started life as a speculation tool for the richest few has real utility to the global majority… - Africa has received most technologies last (including the hardware that has powered the most famous leapfrog cases (M2M, MPesa etc) - But crypto is different, and financial service providers in Africa are already using stablecoin to reduce interbank and FX costs (or as so elegantly put: a ‘mullet’ of Fintech in the front, DEFI in the back) + the impact of crypto on small business transactions is highest in Africa, when compared to other regions. I’m not a crypto expert. But it’s hardly the first innovation that got off to a bad start, and then changed everything, right Google Glass / Zoom / Napster?

Do you know that as the fintech landscape rapidly evolves, the Financial Action Task Force (FATF) is intensifying its efforts to regulate cryptocurrencies and virtual assets? This is particularly relevant for countries like Nigeria, where the crypto market is experiencing some significant growth and innovation. 📌 Here are some Key Insights on FATF’s Focus and Implications for Nigeria: 1. Global Compliance Standards: FATF emphasizes that countries must implement robust frameworks to ensure compliance with anti-money laundering (AML) standards in the crypto sector. In its Recommendation 15, FATF specifically calls for countries to regulate virtual asset service providers (VASPs) to mitigate risks associated with money laundering and terrorist financing. For Nigeria, aligning with these global standards is crucial for enhancing the integrity of its financial system and protecting against illicit activities. 2. Nigeria’s Unique Landscape: Nigeria boasts of one of the highest adoption rates of cryptocurrencies in the world, with millions of users engaging in trading and investment. The Central Bank of Nigeria (CBN) has recognized the need for regulatory clarity, particularly following its recent guidelines on digital currencies. By aligning with FATF recommendations, Nigeria can set itself as a responsible player in the global fintech arena while addressing domestic concerns regarding financial security. 3. Collaboration is Key: Effective regulation requires a multi-stakeholder approach. Collaboration among government agencies, regulators, and industry stakeholders is essential. In Nigeria, engaging with fintech companies, educational institutions, and international partners can help create a cohesive  balance  towards innovation with regulatory compliance, which can foster an environment of transparency and cooperation. 4. Innovative Solutions: The fintech industry has a unique opportunity to lead in developing solutions that address compliance and innovation. By leveraging blockchain technology and advanced analytics, Nigerian startups can create tools that enhance transparency in crypto transactions, making it easier to track and report suspicious activities. This not only fosters trust but also aligns with FATF’s goal of increasing accountability in the crypto space. 5. Future Outlook: As Nigeria continues to embrace digital finance, there’s a growing imperative for regulatory bodies to adapt and respond to the evolving landscape. The integration of cryptocurrencies into the mainstream economy offers immense potential but with commitment to security and compliance, by adhering to FATF’s recommendations. What do you think about these evolving standards? I did love to hear your insights, thoughts and comments! Have a splendid week ahead 😇 #Fintech #Cryptocurrency #AML #FATF #Recommendation15 #Compliance #Nigeria #Innovation

🌍 At CV VC, we believe in the power of blockchain technology to transform financial systems, particularly in emerging markets. Our latest African Blockchain Report, co-published by Absa Corporate and Investment Banking, delves into the innovative ZARP stablecoin and its potential to drive financial inclusion and stability across Africa 👉 What Makes ZARP Different? Unlike other cryptocurrencies, stablecoins like ZARP are designed to maintain a stable value by being pegged to a fiat currency, in this case, the South African Rand. This stability is critical for everyday transactions, savings, and business operations, as it mitigates the volatility typically associated with cryptocurrencies. ZARP combines the speed, accessibility, and lower transaction costs of digital currencies with the reliability of traditional money, making it an ideal solution for the African market 🌍 Empowering Financial Inclusion in Africa One of the most compelling benefits of ZARP stablecoins is their ability to enhance financial inclusion across the continent. In Africa, where many people are unbanked or underbanked but have access to mobile phones and the internet, ZARP provides a simple and accessible way to participate in the global economy. By bypassing traditional banking infrastructure, ZARP allows individuals and businesses to access financial services through their smartphones, even without an internet connection, using QR codes for payments 🤝 Building Trust and Partnerships for Growth To fully realize the potential of stablecoins like ZARP, building a robust ecosystem through strategic partnerships is essential. Financial institutions, technology providers, and crypto startups can benefit from integrating ZARP into their operations, enabling them to automate transactions and improve efficiency with programmable money tailored to Africa's diverse financial landscape. The backing of ZARP by reputable institutions, such as Old Mutual Wealth, which manages the treasury reserves supporting ZARP tokens, adds a layer of trust and security, encouraging broader adoption Check out the full report to learn more about ZARP stablecoin and its potential to drive financial inclusion and stability across Africa: www.cvvc.com/africareport #Africa #Blockchain #Innovation Simon Dingle

📌𝐊𝐀𝐙𝐀𝐊𝐇𝐒𝐓𝐀𝐍'𝐒 𝐅𝐈𝐍𝐓𝐄𝐂𝐇 𝐋𝐀𝐍𝐃𝐒𝐂𝐀𝐏𝐄: 𝐈𝐍𝐒𝐈𝐆𝐇𝐓𝐒 𝐅𝐑𝐎𝐌 𝐀𝐄𝐐𝐔𝐈𝐓𝐀𝐒 We are delighted to announce that the chapter dedicated to Kazakhstan and AIFC written by Yekaterina Khamidullina, AEQUITAS Partner and Head of AEQUITAS AIFC Branch, and Kirill Greshnikov, has been published in Global Legal Insights (GLI) – #FinTech2024. This publication offers an in-depth analysis of the evolving fintech sector in #Kazakhstan, exploring key regulatory frameworks, the impact of government programs like "Digital Kazakhstan," and recent developments in areas such as #blockchain, digital assets, and open banking. The authors delve into the role of the AIFC (Astana International Financial Centre) in supporting fintech growth, highlighting the AIFC's #legal frameworks, tax incentives, and simplified regulatory processes that make Kazakhstan an attractive jurisdiction for companies and #startups.   🔗For more detailed information, please click here: https://lnkd.in/dDWECYir

JUST IN: Nigeria Takes Giant Leap Towards Regulated Digital Securities! Exciting news for the African crypto and web3 scene! The Nigerian Securities and Exchange Commission (SEC) has just greenlit the launch of the Digital Securities Platform (N-DSP) by NASD PLC, marking a significant step towards regulated digital asset trading in the country. Key highlights: ➡ Powered by Blockstation: This end-to-end platform streamlines the process for issuers to tokenize their assets, raise capital, and connect with global investors. ➡Benefits All Players: Issuers, brokers, custodians, regulators, and investors alike stand to gain from increased transparency, trust, and accessibility within the capital markets. ➡Historic Move: This development follows the Central Bank of Nigeria's recent lift on the ban on digital asset trading, paving the way for a new era of innovation. ➡Global Ambitions: Nigeria, already ranking second globally for blockchain wallets, positions itself to become a hub for high-quality digital assets. What does this mean for you? ➡Increased access to compliant and secure digital investment opportunities in Nigeria. ➡Potential for traditional markets like debt, equity, and illiquid assets to be revolutionized by tokenization. ➡A more inclusive and transparent financial landscape for all Nigerians. Eguarekhide Longe, Managing Director of NASD PLC, emphasizes: "Our objective is to empower millions of young investors with access to promising digital assets...ensuring they can make purchases with confidence." #Nigeria #Crypto #Web3 #Regulation #Investment #Africa #FinancialInclusion

Innovation always precedes regulation. Innovation allows people to find new solutions to problems, and regulations catch up after a while. We have seen this pattern with other innovations over time, from airplanes to online payments. It is only after the innovation has gained some ground that there is a convergence between innovation and regulation. At this point, both parties come to an agreement in a mutual give-and-take. We are at that point in crypto startups in Nigeria. At this point, it looks like there is a clash and chaos as regulation and innovation try to find that middle point. However, we reach this point in every industry. It happened in fintech, banking, real estate, and logistics. It is happening now in the crypto space in Nigeria. It is this back-and-forth that is currently happening in Nigeria, and the dialogues are going on without the banning of crypto that will precede an agreement. So, we can continue to chart the path forward until we come to a confluence of innovation and regulation that is beneficial for all the parties involved. Join me on Channels Television at 1.45pm as we discuss further on this with Ladi Williams. #cryptoregulation #Nigeria #Flincap

Navigating Nigeria’s complex crypto landscape: New licenses and ongoing uncertainty 🚨 In March 2024, Nigeria’s financial regulators introduced major restrictions, blocking fintech's from onboarding new customers amid a deepening currency crisis. The Central Bank of Nigeria (CBN) moved against Binance, accusing the platform of naira manipulation, which led to the detention of two executives. Fast forward, and Busha and Quidax recently became the first to receive official crypto licenses from Nigeria’s Securities and Exchange Commission (SEC). But, despite this progress, the regulatory road for crypto in Nigeria remains rocky. The CBN’s fluctuating stance on cryptocurrency has left banks and fintech's in a state of uncertainty, hesitant to fully engage with the crypto space. 🔑 Key Insights: ✔️ Regulatory Tug-of-War: While the CBN lifted the crypto ban in late 2023, fintech's are still forced to block accounts associated with crypto trading. ✔️ Crypto Licenses Issued: Despite the new licenses, banks are wary of the SEC’s guidelines, awaiting further clarity from the CBN before embracing crypto operations. ✔️ Banks Play It Safe: Financial institutions are continuing to distance themselves from crypto, fearing regulatory backlash. ✔️ Industry Optimism: Some crypto firms, like Busha, see the licenses as a turning point for the industry, hoping the increased confidence will lead to market growth. The big question: Can Nigeria overcome its regulatory uncertainty and foster a crypto-friendly environment, or will banks and fintech's continue to distance themselves? Join the discussion! What’s your perspective on Nigeria’s crypto journey? 🌍💬 #Fintech #CryptoRegulation #Blockchain #Nigeria #DigitalCurrency #CryptoLicenses #SEC #CBN #Busha #Quidax #CryptoInnovation #TechIndustry #RegulatoryChallenges #FinancialInclusion #nuvomedialab