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The cryptocurrency craze among the African public is at its peak, but 2019 could see many African countries imposing cryptocurrency regulations. The latest report published January 3, 2019 indicates the initiative of the "new regulatory working group of Africa" created to discover the potentials of blockchain and cryptocurrencies within the nation.
Regulators eager to impose cryptocurrency regulations in Africa
As a result, on January 7, 2019, an African local media "IT Web Africa" unveiled upcoming plans of "Capital Markets Authority of Kenya (CMA)." According to reports, the CMA has warned the public about "KeniCoin encrypted tokens" and on encryption in Kenya. "KeniCoin is a digital token launched in July 2018 and promised to provide 10% returns on monthly investment to users.
The CMA warns the enthusiasts of cryptocurrency in Kenya "to be cautious in dealing with such an undertaking" and as such, the regulatory body is investigating "Wiseman Talent Ventures", the "society behind the tokens cryptographic KeniCoin ". After the feasible investigation, Wiseman Talent Ventures is quiet and has not discussed anything of the allegations.
Also called the Capital Markets Authority, the CMA is an independent government agency that oversees, licenses and monitors market activities. Facing the commercial nature of KeniCoin, CMA recommended it;
In addition, the Capital Markets Authority found discrepancies in the information provided on the www.kenicoin.com website and the information provided to the authority during the Wiseman Talent Ventures leadership interviews in relation to the total number of Kenicoin. sold and total funds raised. The CMA is currently investigating the operations of Wiseman Talent Ventures.
Many African countries, including South Africa, are part of the Financial Action Task Force (FATF), a group of 37 countries, which plans to formulate rules and guidelines for governing cryptocurrency trade. First, it will ensure effective countermeasures to prevent activities such as money laundering and terrorist financing, according to a Japanese government official familiar with the issue.
Status of cryptocurrency regulations in Africa
- March 2018 – The Central Bank of Kenya warned of excessive public investment in Bitcoin and other encrypted
- May 2018 – The South African Reserve Bank calls digital currencies as "cyber-token"
- The CMA has sent "warning of caution" to all cryptic investors who cite the volatility of the global market
- January 2019 – South African Revenue Service urged to modify tax return forms to add cryptocurrency as a better approach to enforce cryptocurrency regulations
- The African government announces the launch of a "unified intergovernmental regulatory framework"
- January 2019 – Capital Markets Authority (CMA) warns public about KeniCoin and subsequent encryption in Kenya
Finance Minister Tito Mboweni responded to the question of local African media that the cryptocurrency regulations in South Africa are likely to be subject to fiscal considerations. He said that & # 39;
"Taxpayers who made some kind of declaration regarding cryptocurrency negotiations have captured this trade as a form of" other commercial revenue "or" other commercial loss "and have referred to a description of digital trading / cryptocurrency (e.g. Bitcoin Cash, Litecoin (LTC), Ethereum (ETH), Zcash (ZEC) to name a few). "
Africa is the bird's nest for many successful cryptocurrency projects and the future of cryptocurrency depends on the nature of the regulations that will be imposed on the cryptocurrency project by African countries.
Summary
Item name
Regulatory battle on intense cryptocurrency in Africa, regulators block suspicious cryptocurrency projects
Description
The cryptocurrency craze among the African public is at its peak, but the vibrations of 2019 have brought the cryptocurrent regulators one inch more in Africa. The latest report published January 3, 2019 indicates the initiative of the "new regulatory working group of Africa" created to discover the potentials of blockchain and cryptocurrencies within the nation.
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tabassum
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Coingape
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