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Weekly Roundup: Binance Enables Instant Deposits For ZAR & More



instant zar deposits

In this week’s news roundup, you’ll read about Binance launching a fiat gateway for the South African Rand via instant ZAR deposits, a call for African startups in the Web3 sector to apply to Pitch Live that will happen next month in Ghana, Bitcoin Events’ announcement on the comeback of Crypto Fest, and more.

Binance Enables Instant Deposits For The South African Rand (ZAR)

Binance has launched a fiat gateway for the South African Rand (ZAR) as it looks to expand its product offerings and strengthen its local presence in South Africa.

This move will allow South African users to make fast and secure deposits via Instant EFT as the crypto exchange remains committed to increasing the adoption and mainstream accessibility of digital currencies.

“Our goal at Binance has always been to drive crypto adoption and promote financial accessibility. We are thrilled to be taking this next step in making access to digital assets more effortless for South Africans.” said Hannes Wessels, Country Lead for Binance in South Africa.

Users will be able to instantly deposit South African Rand into their Binance wallet and purchase crypto. In addition, users will also be able to convert ZAR into BTC, BNB, BUSD, ETH, and USDT.

Call For African Web3 and Fintech Ventures to Pitch Live At The Africa Money & DeFi Summit West Africa Edition

Applications are now open for African Web3, DeFi, and fintech startups to pitch live at the upcoming Africa Money & DeFi Summit West Africa edition that will take place between September 27th & 28th in Accra, Ghana.

The move follows the sold-out Money and DeFi Summit that was held in Nairobi, Kenya early this year. The Summit, produced by Africa Tech Summit; the leading tech event series, will again invite startups to join two days of sessions and networking events that will share insights on BNPL, crypto, DeFi, digital identity, investing, neo banking, mobile money, payments and more.

10 African startups from across Africa in the Web3, decentralized finance and fintech space will be selected by the Africa Money & DeFi summit team and given a chance to present their ventures and ask leading corporates and investors live on stage.

Andrew Fassnidge, Founder of Africa Money & DeFi Summit shared “We are excited to host African ventures to Pitch Live on stage at Africa Money & DeFi Summit again. While we continue to welcome applications from companies in fintech and embedded finance we are also really looking forward to seeing ventures innovating in the new wave of DeFi and Web3.0.”

Selected start-ups will be showcased to various investors, enjoy full access to the Summit and take part in the wide variety of workshops, discussions, and networking sessions that will take place. Any startups looking to take part in the Summit  or have at least one African co-founder or have their headquarters in, have at least a MVP ideally with existing traction and have a current “ask”. Ventures must also be able to attend the Summit in Accra, Ghana in person on the stated dates. Applications are open until September 1, 2022, and can be made by visiting this link.

Cape Town Set to Host Crypto Fest

Bitcoin Events has announced the return of the fourth edition of Crypto Fest 2022, which will take place in Cape Town, South Africa on September 30, 2022.

The event is meant to help seasoned investors, novel bag-holders, and no-coiners alike harness the opportunities in African crypto under the theme of “Don’t Look Up.” This year’s Crypto Fest is expected to be a one-of-a-kind event that will cater to crypto crusaders and deniers alike, with attendance from various developers, entrepreneurs, enthusiasts, investors and traders who will engage in hard-hitting conversations that will spark critical debates into the opportunities that crypto, decentralized finance (DeFi), non-fungible tokens (NFTs), the metaverse and Web 3.0 have om the worlds of art, entertainment, finance, gaming, governance, investment, marketing, music, sport and more.

“Change is inevitable, and the world is – slowly but surely – realising the impact that crypto and crypto-related technologies are having on the future of industry. Yes, the world of crypto has had its fair share of ups and downs, but the proof of concept is there; it’s only a matter of time before the sector bounces back. Now’s the time to look up and explore where opportunities lie. Now is the time to learn as we prepare to leap into a new era,” said Sonya Kuhnel, Co-founder and Director of Bitcoin Events and organiser of this year’s festival.

South Africa’s Reserve Bank Greenlights Financial Institutions to Serve Crypto Clients

The South African central bank has given financial institutions in the country the go-ahead to deal with funds linked to digital assets held in South African crypto wallets.

In the new guidelines shared by SARB, the institution said that the banks in the country “may act as a conduit for funds” tied to crypto asset service providers and “may play a role in customers wishing to purchase” or “receive pay-outs in fiat currency” in their bank accounts for the sale of crypto.

SARB released the guidance after noting that some local banks had previously moved to shut down accounts tied to cryptocurrency exchanges, citing exposure to risk. SARB said it was aware that certain banks in the country had blocked clients with links to crypto. It added that although thorough risk assessment is necessary, the “wholesale termination of client relationships” poses a threat to financial integrity.

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Weekly Roundup: Africa’s Cassava Network Partners with UniPass to Expand Crypto Adoption in Africa & More



Cassava Network Partners with UniPass

In this week’s news roundup, you will read about Cassava Network, an African Web3 platform that has partnered with UniPass to advance crypto adoption in Africa, and more.

African Web3 Platform, Cassava Network, Partners with Self-custody Crypto Wallet to Expand Crypto Adoption in Africa

Cassava NetworkCassava Network, an African Web3 platform with a focus on gaming, non-fungible tokens (NFTs), and rewards, has announced the launch of the third version of its platform that features integration with UniPass, a non-custodial smart contract, enabling users to use their email addresses instead of seed phrases and gas. 

The partnership will enable Cassava Network to onboard Africans from Web2 to Web3 as users will be able to create Cassava accounts and automatically sign up to UniPass where they will be able to send, receive, and store on-chain digital assets across various Ethereum Virtual Machine (EVM) blockchains. 

Speaking about the launch of the new platform version, Mouloukou Sanoh, Co-founder of Cassava Network, said, “Cassava v3 serves as a bridge for global Web3 businesses to connect with African Web2 users.”

Sanoh went ahead to mention that 90 percent of the partners engaging with the community feature of the new version are African businesses. 

Benjamin Obenze, Cassava Network’s Business Developer, in an interview said that African users and businesses will be able to use the new platform version to enter Web3 spaces. 

Nigeria Leads the African Continent with Crypto Leverage Searches on Google

According to an analysis of Google searches done by Leverage Trading, Nigeria scored the second-highest globally (94) for searches related to crypto leverage in the last five years. 

Singapore is the only country that outscored Nigeria with a score of 100 regarding searches but with more emphasis on transactional searches like ‘how to leverage trade crypto’. South Africa and Ghana follow Nigeria closely as both countries have also dominated Google searches for the term ‘trade crypto.’ 

Despite Nigeria leading in the crypto leverage searches and South Africa and Ghana following closely, Leverage Trading established that Africa still lags behind when it comes to searches for the term ‘stock leverage.’ 

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Weekly Roundup: Kenyan Senate in Discussion with CBK to Legalise Bitcoin & More



kenya legalise bitcoin

In this week’s news roundup, you will read about the Senate initiating talks with the Central Bank of Kenya to develop policies on digital assets, Zambia’s move to test the tech it desires to use for crypto regulation, and more. 

Kenya’s Senate to Hold Discussions with CBK to Legalise Digital Assets

The Committee on Information, Communication & Technology, under the Senate of the Republic of Kenya, has made its intention known that it will engage the Central Bank of Kenya (CBK) and other stakeholders to develop policies on the use of crypto assets and virtual service providers in the country.

The news was shared on the official Twitter page of the Senate of Kenya. The committee is keen on facilitating the development of a crypto regulatory framework that can enable Kenyans to carry out safe and secure crypto transactions. Moreover, the committee also noted that having regulations on cryptocurrency use in the country will help Kenya to harness the benefits of financial innovation while curtailing the risks associated with digital assets. The committee also stated that it is committed to accelerating the implementation of the country’s Central Bank Digital Currency (CBDC). 

Despite these new developments, the CBK hasn’t outrightly changed its stance on virtual currencies like Bitcoin not being a legal tender. However, the CBK, in 2022, published a discussion paper calling on Kenyans to share their opinions on CBDC as it looked to explore the potential implementation of a CBDC. 

Zambia Testing Technology for Crypto Regulation

The Bank of Zambia and the country’s securities regulator are currently testing technology to allow for the regulation of cryptocurrencies. The news was shared by Zambia’s Technology and Science Minister, Felix Mutati, on the ministry’s website in a move that is aimed at achieving an inclusive digital country.

Speaking about the news, Mutati stated that cryptocurrency is the future that the country desires to achieve,” but a policy framework is required to support this “revolutionary technology.” He went ahead to state that the testing of the technology that will potentially be used to regulate cryptocurrencies in the country will be upscaled in due time as part of deliberate efforts to achieve an inclusive digital economy in the country.

In addition, the minister also claimed that Zambia aspires to become a technology hub in Africa by developing digital infrastructure and attracting investments in the sector. 

South African Startup Momint Keen to Boost Electricity Generation Utilising Blockchain-Based Solution

Momint, a South African startup, recently announced that it had launched a blockchain-powered solution that can alleviate the country’s energy distress by installing more rooftop solar systems in public institutions such as schools and hospitals. 

The company has so far piloted the solution at one local school – Delmas High School – in Mpumalanga Province, South Africa, according to a news report published by News 24. According to the report, investors who are keen to participate in the project can do so by acquiring non-fungible tokens (NFTs) that are linked to solar cells and retail for just under $9. 

The solar cells will then be leased to institutions that agree to buy the generated electricity through a standard power purchase agreement. 

Speaking of his company’s solution, Ahren Posthumus, Momint’s CEO, said, “We are a technology company that’s trying to build for the next 15 years, but what we realized is we can’t build a technology company in a country that doesn’t have electricity.”

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Weekly Roundup: South Africa Introduces New Cryptocurrency Standards to Advertising Code & More



south africa cryptocurrency advertising

In this week’s news roundup, you will read about South Africa’s new clause on its advertising code targeted towards the cryptocurrency sector and more.  

South Africa Introduces New Cryptocurrency Standards to Advertising Code

The South African Advertising Regulatory Board (ARB) has introduced a new clause targeted at the crypto industry and aimed at protecting consumers from unethical advertising. 

According to the new clause introduced to Section III of the country’s advertising code, both companies and individuals in South Africa will be required to abide by certain advertising standards in relation to the provision of crypto products and services. The first clause makes it mandatory for adverts, including crypto offerings, to clearly express that crypto investments may result in the loss of capital given the volatile nature of cryptocurrencies. In addition, crypto adverts should not contradict warnings about potential investment losses that investors may face. 

The clause also went ahead to emphasize that adverts for particular services and products must be explained in an easily understandable manner for the target audience. Advertisements must also have balanced messages around benefits, features, returns, and risks associated with the particular service or product. 

Rates of returns, projections, or any kind of forecasts must also be sufficiently substantiated, including how they are calculated and what conditions apply to touted returns. Moreover, any information relating to a crypto product or service’s past performance will not be used to promise future performance or returns, and should, therefore, not be presented in a way that creates ‘a favourable impression of the advertised product or service.’

The clause went on to state that adverts from crypto service providers who aren’t registered credit providers should not push for the acquisition of digital currencies using credit. However, this does not prevent the advertising of associated payment methods provided by crypto service providers. In the same breadth, brand ambassadors and social media influencers will also be expected to comply with certain advertising standards, such as sharing factual information and not offering advice on investing or trading in crypto assets as well as the prohibition of promises of benefits or returns. 

Central African Republic Keen on a Legal Framework for Cryptocurrency Adoption

Central African RepublicCentral African Republic (CAR) has set up a 15-member committee that will be responsible for developing a bill on the use of cryptocurrencies and tokenization in the region.

Once developed, the legal framework will enable cryptocurrencies to operate in the Central African Republic and expedite the development of the country’s economy. CAR’s President, Faustin-Archange Touadéra, believes that digital currencies will help eliminate the country’s financial barriers and build a business-friendly environment that’s supported by a legal framework for crypto usage in the country. 

He went on to say, “With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy.”

The committee tasked with drafting the crypto bill comprises 15 experts from five different ministries of CAR, including the Ministry of Mines and Geology, the Ministry of Waters, Forest, Hunting and Fishing, the Ministry of Agriculture ad Rural Development, the Ministry of Town Planning, Land Reform, Towns and Housing and Ministry of Justice, Promotion of Human Rights and Good Governance.

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