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The Kenya Revenue Authority (KRA) has clarified that its planned digital service tax (DST) will be applicable to cryptocurrencies at a rate of 1.5% on gross transaction value, local media reported. In August, the agency announced new rules for the taxation of what it calls “digital marketplaces.” However, with oblique definitions on such key terms, … Read more
‘Virtual crypto assets are securities, unless proven otherwise,’ the Nigerian SEC said. Go to Source Powered by WPeMatico
Monthly cryptocurrency transfers to and from Africa under $10,000 soared more than 56% from a year ago to reach $316 million in June, according to new research by U.S. crypto analytics firm Chainalysis. Altogether, $8 billion worth of crypto was received into the continent and $8.1 billion sent onchain in the last year. The total … Read more
Africans are turning to cryptocurrencies to avoid high fees and currency instability, with transfers to and from the continent increasing 55% over the last year. Go to Source Powered by WPeMatico
Yellow Card has raised $1.5 million in a seed round. The Nigerian crypto startup said it will use the money to expand its operations in Africa while making it easier for people on the continent to buy and sell digital assets. Investors in the new round include Polychain, venture capital firm Andreessen Horowitz, and Celo, … Read more
Bitcoin trading volumes are on the rise on the African continent despite the ongoing concerns about the high network fees. Data shows peer to peer bitcoin trading platforms recorded spiked growth in volumes starting in April. This was the same time as many countries implemented lockdown measures. Anecdotal evidence seems to suggest that Covid-19 related … Read more
Nigeria outperformed the rest of the world by the level of interest in Bitcoin over recent months. Go to Source Powered by WPeMatico
Numerous emerging crypto markets are showing dramatic growth in P2P trade, with India and Ghana producing enormous growth during 2020. Go to Source Powered by WPeMatico
Peer-to-peer (P2P) crypto exchange Paxful reported Tuesday that its bitcoin trading volumes climbed 35% to $1.1 billion during the first six months of 2020 compared to $817 million a year ago. More than $182 million worth of bitcoin (BTC), on average, was traded on the platform every month between January and June this year, it … Read more
Nigerian scammers converted millions of dollars into Bitcoin via Gemini exchange according to an FBI criminal complaint. Go to Source Powered by WPeMatico
