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Meet Africa’s Youngest Blockchain Entrepreneur: Token Media’s Elisha Owusu Akyaw

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Youngest Blockchain Entrepreneur

In Africa, the number of entrepreneurs working on cryptocurrency and blockchain businesses is on the rise due to a growing global appetite for blockchain-based solutions and crypto-commerce. An example of this would be the story of Africa’s youngest blockchain entrepreneur, Elisha Owusu Akyaw.

Becoming a Blockchain Entrepreneur at a Young Age

Elisha is the founder and CEO of Token Media, a Ghana-based cryptocurrency marketing company. Founded in 2017, the company aims to assist new and existing blockchain projects to reach their target audience using global best practice marketing solutions.

Token MediaInterestingly, most people would agree that Elisha does not fit the profile of your typical entrepreneur. The 16-year-old is looking to carve his own niche in advertising with a particular focus on blockchain projects, at a time when his peers are mostly concerned with school or other social activities. He first came across cryptocurrencies on TV, fell in love with the technology and decided the opportunities presented in the space were too good to be ignored.

About what developed his interest in cryptocurrencies he mentioned this in an interview with BitcoinAfrica.io,

“I got into the cryptocurrency space after I saw a news item about bitcoin on TV and then decided to check it out. The idea of financial freedom and an entire economy based on the blockchain appealed to my curiosity, which caused me to investigate about bitcoins and cryptocurrencies as a whole. After research, I then looked at how I could apply my skills in the field and later joined the DASH community and started the first DASH commercial blog.”

Establishing his Mark on Blockchain Advertising with Token Media

Elisha’s foray into digital currencies could not have been at a more opportune time when big players like Goldman Sachs and Google recognise the untapped potential of blockchain technology. Meanwhile, startups are developing other uses for blockchain technology to secure information from tampering and allow users to access the entire record of transactions.

Elisha identified the need for PR services for established companies as well as new market entrants. With this in mind, Token Media was conceived. He states his inspiration for starting the company was,

“I watched a lot of cryptocurrency related videos and I remember watching one that spoke about bringing businesses from other industries into the blockchain industry, which got me thinking about a PR solutions company. After the boom of ICO’s and the popularity of cryptocurrencies, the need for proper marketing services in the space has become very important which lead to the birth of Token Media. Our solutions are unique because we blend affordability and quality.”

Token Media offers a variety of services primarily in public relations, ICO marketing, and social media management. Under public relations the company creates, publishes and distributes press releases, working with notable partners such as BTC Manager, Merkle, and Hongico just to name a few. With ICO marketing, the core activities are public relations and investor relations. Social media management involves spreading the message about various blockchain projects on popular social media channels.

According to Elisha, the company which began operations in June last year has so far worked with several clients such as PIVX, Komodo, Local World Forwarder, and SmartCash. Token Media has helped raise over $40 million in token sales through its marketing services and has worked with cryptocurrencies with a combined market capitalisation of over $1 billion.

While this may seem impressive for a company less than a year old, for Elisha this is just the beginning,

“In the future Token Media aims to be more than a marketing solutions firm. We are working on new projects that include an initial coin offering startup platform, content distribution, and creation on the blockchain and a blockchain related content platform that integrates all media formats,” he said about his future plans.

Challenges Faced and Advice to Aspiring Entrepreneurs

However, a journey into entrepreneurship is not without its hiccups and blockchain businesses are no exception. For Elisha, a persistent problem has been the presence of few platforms in Africa with cryptocurrency integration which makes moving money around quite hectic. Until recently he couldn’t find a decent cryptocurrency exchange in Ghana that offered excellent services with reasonable fees.

With cryptocurrency adoption in the continent still at its infancy stage, most Africans have to contend with international peer-to-peer exchanges like Localbitcoins and Remitano to buy and sell cryptocurrencies. While the exchanges support millions of dollars in trades every day, users are often faced with above market rate prices when buying bitcoin and other digital currencies. Lately, though, we are seeing more localised exchanges coming up across the continent that supports local currencies.

However, the biggest challenge according to Elisha has been unpredictable nature of market regulators. He says,

“Another problem that is getting bigger is the silence on the part of most governments on the continent on the regulation of cryptocurrencies. Regulators on the content seem not to understand the fundamental concepts of blockchain technology and may take rushed decisions that will hamper the growth of the blockchain industry in Africa. As an entrepreneur, it makes it hard for me to plan with this high level of uncertainty at play.”

The reality is the legal status of cryptocurrencies remains undefined in most African countries with regulators regularly sounding warnings against its use. The lack of a policy framework pertaining to digital currencies creates an environment of uncertainty for blockchain enterprises and hampers digital currency innovation across the continent. Hopefully, African governments which are more receptive towards blockchain technologies will involve stakeholders like Elisha in coming up with structures that can assimilate cryptocurrencies into local ecosystems.

For now, the Accra-based entrepreneur has split his time between growing Token Media and his studies. His advice to other young aspiring African cryptocurrency entrepreneurs is:

”There is a lot to be done in the blockchain space in Africa. Identify the problems around you, fix the problem and you will have a winning project or product in your hands. Let’s all work together to bridge the gaps on the continent, educate the masses and help the continent grow.”

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Mauritius to Receive World’s First Digital Asset Custody Regulatory Framework

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Digital Asset Custody Regulatory Framework

Mauritius is set to receive the first digital asset custody regulatory framework in the world, according to an announcement by the country’s Financial Services Commission (FSC). The framework will be effective from March 1, 2019.

The Digital Asset Custody Regulatory Framework

On September 17, 2018, digital assets were recognised as an asset class for Sophisticated and Expert Investors by theFinancial Services Commission, Mauritius (FSC). This was followed by the FSC issuing a consultation paper with the intention of getting public and stakeholder feedback on the proposed Custodian Services (Digital Asset) License regulation, as BitcoinAfrica.io reported in November 2018. The license enables its holder to offer custody services for digital assets.

“In revolutionising the global FinTech ecosystem through this regulatory framework for the custody of Digital Assets, my Government reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth. As an African country, we look forward to fostering further innovation and bringing more prosperity to the region,” said Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius.

The regulatory framework will make Mauritius the first jurisdiction to create a “regulated landscape for the custody of digital assets. Holders of the Custodian Services (Digital Asset) License will equally have to comply with the applicable framework for AML/CFT, in line with international best practices,” the announcement read.

Support for the Regulatory Framework

Digital Asset Custody Regulatory FrameworkAccording to the FSC, the regulatory framework was created after consultations with the Organisation for Economic Cooperation and Development (OECD) on the regulation and governance of digital financial assets.

The Chief Executive of the FSC, Harvesh Seegolam, asserted: “The FSC is committed to implementing enabling frameworks which facilitate the development of the Mauritius IFC. We continue to collaborate with our international counterparts and stakeholders in introducing the appropriate regulatory mechanisms.”

The Bank of Mauritius is also in support of the regulatory framework. The bank’s governor, Yandraduth Googoolye, said: “The Bank of Mauritius is supportive of innovation in the financial services sector. Banks, depending on their respective risk appetite, are encouraged to develop business relationships with players in the Digital Assets segment.”

In light of this announcement, the custody services license regulation could create a thriving cryptoasset industry in Mauritius, which could help position the country as the go-to digital asset investment hub on the continent.

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Ghana’s SEC Mulls Over Cryptocurrency Regulation Framework

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Ghana Cryptocurrency Regulation

Ghana may soon receive a cryptocurrency regulation framework that would enable local bitcoin startups and exchanges to operate legally and without the threat of a potential regulatory crackdown.

Cryptocurrency Regulations in Ghana

According to News Ghana, the country’s financial regulator, the Securities Exchange Commission (SEC), is contemplating regulating cryptocurrencies. The commission is also considering licensing exchanges dealing with digital assets.

The news comes at the backdrop of the increasing number of fraudulent “crypto” investment schemes in the West African nation. Last year, over 100,000 Ghanaian investors were reportedly victims of a crypto investment scam called Global Coin Community Help (GCCH), which saw the investors lose 135 million Ghanaian Cedi.

The SEC Deputy Director General, Paul Ababio, said: “[…] Desist from dealing with these crypto entities. […] When you choose to go there you are on your own. We have adopted a wide range of changes on it and we are still doing our research and gathering information. We welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”

The State of Cryptocurrencies in Ghana

GhanaLike many central banks in Africa, the Bank of Ghana has warned citizens against investing or transacting in cryptocurrencies due to the risk involved.

Frances Van-Hein Sackey, the Secretary to the Bank of Ghana, in response to the GCCH scam, wrote in a statement: “Anyone who does business with these entities does so at his or her own risk and the Bank of Ghana will not be liable for the refund of any deposit lost by a depositor.”

The current state of cryptocurrency in Ghana could, however, change if the SEC regulates the sector, according to a report by GhanaWeb. The SEC ‘Ababio said that Ghana’s Economic and Organised Crime Office (EOCO) is probing three cryptocurrency companies whose operators are currently missing in action.

“[…] It has been very preliminary and it is a new area of our work that we are going to be quite strong on as well. We will be coming out shortly with a lengthier statement and we will name some of these firms,” he stated.

Furthermore, Ababio revealed that some of these firms operate online and do not have a physical presence. These firms will be classified as illegally operating in the investment sector, he added.

What Could This Step by the SEC Mean for Ghana?

According to the CEO of Modulus, Richard Gardner, the move by Ghana’s SEC is commendable since regulation of the sector will provide standard rules for exchanges to operate by. He believes that this will make the industry viable while protecting consumers from exchanges that engage in market manipulation, abusive trading, and money laundering.

Gardner also noted that the public and private sectors should work together towards creating these regulations.

“The best way to regulate an industry, especially one which is so technical, is to bring together those involved in the private sector, along with those from the public policy side. Together, we can usually find a way to encourage industry growth while protecting consumers,” he said.

Regulations can have a substantial impact on the local bitcoin startup community. Hence, it will be interesting to follow these developments in the coming months as they could mean the difference between Ghana establishing itself as an African leader in the cryptocurrency space or not.

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Places in Africa Where You Can Find a Bitcoin ATM

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Places in Africa

There are currently over 4,000 Bitcoin ATMs across the globe. The majority of them are found in the United States. Africa, however, is also home to a handful of Bitcoin ATMs. In this article, you will discover the complete list of places in Africa where you can buy bitcoin with fiat currency using a Bitcoin ATM.

What Are Bitcoin ATMs?

Bitcoin ATMs function like traditional cash machines with the difference being that instead of cashing out money from your bank account, you can buy and, in some cases, sell bitcoin against local fiat currency.

Zimbabwe bitcoin atmIn 2013, Canada received the world’s first Bitcoin ATM in the Waves Coffee Shop in Vancouver. Then, the following year, the first machine in the United States was introduced at a cigar bar in New Mexico. Two months later, Coinme installed another one in Washington that came with a money transmitter license. Since then, the market for Bitcoin ATMs started to steadily grow.

Today, North America leads the pack with 71.9 percent of Bitcoin ATMs, followed by Europe with 23 percent and Asia with 2.3 percent while Australia and Africa have a meagre 1.3 and 0.1 percent respectively.

Bitcoin ATMs in Africa

In total, there are currently nine reported Bitcoin ATMs in Africa. 

South Africa

South Africa, as a leader in bitcoin adoption, is home to five cryptocurrency ATMs that are situated in Johannesburg, Pretoria, Nelspruit and Cape TownOn Average, these ATMs can dispense between a minimum to a maximum of 100  to 1 Million South African rands (ZAR). Most ATMs require identity verification if you are buying more than 5,000 rands.

Nonetheless, none of these ATMs dispenses cash as they operate only fiat-to-crypto. One bottleneck that might discourage people from using the ATMs is high fees ranging from 8 to 14 percent.

Kenya

Kenya received its first Bitcoin ATM last year in the country’s capital, Nairobi. Operated by the BitClub Network, it is also a fiat-to-crypto only ATM and a minimum of 500 Kenyan Shillings worth of bitcoin and litecoin can be purchased using the machine. 

Uganda

The Kampala Post Office hosts Uganda’s only Bitcoin ATM, which is run by KIPYA Bit2Big, a local Blockchain company. Ugandans can use the ATM to buy bitcoin, bitcoin cash and ether.

Zimbabwe

Golix, the first ever cryptocurrency exchange in Zimbabwe and one of the biggest in Africa, also runs a Bitcoin ATM.

Based in the Golix offices in Harare, this machine provides an essential service in a cash-strapped country since it allows buying and selling of bitcoin, bitcoin cash, and litecoin.

Djibouti

Somewhat surprisingly, there is also a Bitcoin ATM in Djibouti. The currently only Bitcoin ATM in the small East African country is located at Appart Hôtel Moulk.

Interestingly, the ATM’s operator, Group DOS, plans to introduce two more Bitcoin ATMs in Djibouti. Group DOS CEO, Eleyeh Issa, told BitcoinAfrica.io that two new Bitcoin ATMs will be set up in the coming weeks, one at the airport and one at a shopping mall. 

While Bitcoin ATMs tend to come with high fees, which makes them less appealing purchase option for larger investors, they do help to push adoption among smaller investors who want to get started with their first bitcoin investment.

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