South Africa’s Judge Slams Outdated Crypto Regulations
A South African High Court judge, Mandlenkosi Motha, has called for urgent reforms to the country’s crypto regulations, criticizing the continued use of Apartheid-era financial laws to govern digital assets. The remarks came during a case involving Standard Bank and James Ewing & Sons, which revolved around fund transfers to international crypto exchanges.
Judge Motha emphasized that cryptocurrencies have been around for 15 years, yet regulators still rely on archaic frameworks. His ruling highlights the growing need for modernized exchange control laws, especially as South Africa emerges as a key crypto hub in Africa.
Kenyan Banks Warm Up to Crypto Amid Pending Regulation
A Central Bank of Kenya (CBK) survey reveals that nearly 30% of Kenyan banks are now prepared to support cryptocurrency transactions—a major shift from a decade ago when the CBK discouraged banks from dealing with Bitcoin.
This comes as Kenya’s Parliament debates a Virtual Asset Service Provider (VASP) bill, which could establish clear rules for crypto businesses. If passed, the law could unlock new opportunities for Kenya’s crypto market, where millions already trade digital assets. Analysts suggest this could also boost interest in emerging sectors like meme coins and DeFi projects.
Tether Doubles Down on Africa with Shiga Digital Investment
Tether, the company behind the USDT stablecoin, is expanding its African footprint by investing in Shiga Digital, a pan-African crypto and fintech platform. The partnership aims to enhance cross-border settlements using USDT, which dominates crypto trading pairs in Africa.
Shiga Digital, co-founded by Abiola Shigbeni, specializes in blockchain-based financial solutions, including OTC services and digital finance apps. The deal could provide much-needed liquidity and stability for African traders who rely on USDT to hedge against market volatility.
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