{"id":10831,"date":"2025-02-01T11:48:34","date_gmt":"2025-02-01T11:48:34","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=10831"},"modified":"2025-02-01T11:48:34","modified_gmt":"2025-02-01T11:48:34","slug":"africa-crypto-news-kenyas-vasp-needs-revision-musician-in-nigeria-blasts-crypto","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=10831","title":{"rendered":"Africa Crypto News: Kenya\u2019s VASP Needs Revision, Musician In Nigeria Blasts Crypto"},"content":{"rendered":"<div>\n<p>Jump into crypto Africa and discover the latest Africa crypto news! Kenya crypto bill could see tax changes, Nigeria crypto Seun Kuti has online meltdown.<\/p>\n<p><span data-preserver-spaces=\"true\">Compliance with existing laws is crucial for adoption, and Africa is no exception. <\/span><span data-preserver-spaces=\"true\">In Kenya, the Virtual Asset Service Providers (VASP) bill seeks to create a framework for crypto trading where regulated exchanges can access the vibrant market. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, stakeholders want to review some of the proposals, which are mostly related to Kenya\u2019s treatment of crypto taxes<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile, in Nigeria, changes are being made to existing laws <\/span><span data-preserver-spaces=\"true\">to better protect<\/span><span data-preserver-spaces=\"true\"> users. One such user is Seun Kuti, who reportedly lost money in a fraudulent crypto scheme before having an outburst against crypto online.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Kenya Crypto News: VASP Needs Urgent Revisions for Crypto Africa<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Kenya recently introduced the VASP bill, which will introduce new laws guiding crypto trading. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The idea is to eliminate or <\/span><span data-preserver-spaces=\"true\">completely<\/span><span data-preserver-spaces=\"true\"> remove risks associated with money laundering and terrorism financing. <\/span><span data-preserver-spaces=\"true\">VASP will be part of a broader strategy to remove <a class=\"general-link\" title=\"Africa Crypto Week In Review: South Africa Reserve Bank Governor Blasts Bitcoin As Kenya Intends To Regulate Digital Assets\" href=\"https:\/\/99bitcoins.com\/news\/africa-crypto-week-in-review-south-africa-reserve-bank-governor-blasts-bitcoin-as-kenya-intends-to-regulate-digital-assets\/\" target=\"_blank\" rel=\"noopener\">Kenya<\/a> from the Financial Action Task Force (FATF) grey list.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Being on this list means the country <\/span><span data-preserver-spaces=\"true\">is seen<\/span><span data-preserver-spaces=\"true\"> as lax in monitoring and freezing suspect financial transactions, including crypto-related funds.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Kenya to Implement Crypto Regulations to Combat Illicit Activities\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/yYvngkmceJ8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">To spearhead this effort<\/span><span data-preserver-spaces=\"true\">, a technical working group is now tasked with drafting regulations for submission to the cabinet. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Progressive as it may be, stakeholders, including the Virtual Asset Consultative Council (VACC), <\/span><a class=\"general-link\" href=\"https:\/\/biznakenya.com\/vacc-kenyan-cryptocurrency-stakeholders\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">believe<\/span><\/a><span data-preserver-spaces=\"true\"> there should be urgent amendments to the taxation model proposed in the bill. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Critics say the Digital Assets Tax (DAT), under Section 12F of the Income Tax Act, does not differentiate between personal investment and business activity. As such, should the VASP bill become law as it stands, long-term holders might be unfairly taxed. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, there is a lack of clarity on taxable events, including transfers between own wallets. The bill proposes taxing such transfers in a way that is <\/span><span data-preserver-spaces=\"true\">similar<\/span><span data-preserver-spaces=\"true\"> to how profitable traders are taxed. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There are further concerns that the bill fails to recognize crypto\u2019s unique nature. Unlike traditional assets, taxing crypto <\/span><span data-preserver-spaces=\"true\">differs<\/span> <span data-preserver-spaces=\"true\">and requires<\/span><span data-preserver-spaces=\"true\"> existing tax laws to adapt to these new realities, especially regarding valuation and transactions. <\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Nigeria Crypto News: Artist Blasts Crypto: But African Regulators Are Stepping Up<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">In Nigeria, musician Seun Kuti took to X, condemning crypto and calling it a scam that exploits <\/span><span data-preserver-spaces=\"true\">the poor<\/span><span data-preserver-spaces=\"true\">. Reportedly, his sister lost over $33,000 in a crypto investment scheme. In a viral video, the artist said, \u201cCrypto is a lie\u201d and unfairly enables the transfer of wealth from the \u201cpoor to the rich.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#8220;Crypto is a fcc*ing lie\u2026 My sister lost over 50 million to crypto&#8221;<\/p>\n<p>\u2013 Seun Kuti <a href=\"https:\/\/t.co\/4oIgbORKMq\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/4oIgbORKMq<\/a><\/p>\n<p>\u2014 @\ud835\uddfc\ud835\uddfb\ud835\uddf2\ud835\uddf7\ud835\uddfc\ud835\uddef\ud835\uddf9\ud835\uddf2\ud835\ude00\ud835\ude00\ud835\uddef\ud835\uddfc\ud835\ude06 (@OneJoblessBoy) <a href=\"https:\/\/twitter.com\/OneJoblessBoy\/status\/1884653771998769213?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">January 29, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Despite his troubles, Nigeria has been at the forefront, seeking to protect crypto users <\/span><span data-preserver-spaces=\"true\">in the country<\/span><span data-preserver-spaces=\"true\">. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Regulators are also proposing more laws to keep pace with the rapidly changing landscape, in addition to cracking down on exchanges and restricting P2P transactions.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Nigeria's SEC Tightens Crypto Promotion Rules\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/mcvt96q7zeE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">For example, the country\u2019s <\/span><span data-preserver-spaces=\"true\">Securities and Exchange Commission (SEC)<\/span><span data-preserver-spaces=\"true\"> recently forwarded regulations that aim to create a structured crypto framework while<\/span><span data-preserver-spaces=\"true\">\u00a0protecting users and fostering innovation.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/this-week-in-crypto-asia-thai-finance-minister-proposes-unified-licensing-for-securities-and-crypto-trading\/\" target=\"_blank\" rel=\"noopener\">This Week In Crypto Asia: Thai Finance Minister Proposes Unified Licensing For Securities And Crypto Trading<\/a><br \/>\n<\/span><\/strong><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"nofollow noopener nofollow nofollow nofollow nofollow nofollow nofollow nofollow nofollow nofollow nofollow nofollow nofollow nofollow nofollow\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/africa-crypto-news-kenyas-vasp-needs-revision-musician-in-nigeria-blasts-crypto\/\">Africa Crypto News: Kenya\u2019s VASP Needs Revision, Musician In Nigeria Blasts Crypto<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jump into crypto Africa and discover the latest Africa crypto news! Kenya crypto bill could see tax changes, Nigeria crypto Seun Kuti has online meltdown. Compliance with existing laws is crucial for adoption, and Africa is no exception. In Kenya, the Virtual Asset Service Providers (VASP) bill seeks to create a framework for crypto trading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-10831","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10831"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10831\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}