BitcoinKE

The Kenya Virtual Assets Service Providers (VASPs) draft Bill is a landmark attempt to bring clarity and accountability to the crypto sector.

While the draft marks a pivotal moment for the Kenyan digital assets space by bringing regulatory clarity o a dynamic and rapidly growing sector, it has also raised some eyebrows especially around its governance model.

While the proposed Bill provides for the creation of a Virtual Assets Regulatory Authority (VARA), industry stakeholders and legal analysts have questioned the governance structure of this body and what it could mean for the industry.

Some of the governance issues raised include:

The lack of guaranteed technical expertise

The risk of political influence, and

The built-in conflict of interest with the industry.

OPINION | Why the Upcoming Kenya Virtual Assets Regulatory Authority (VARA) Has Serious Governance Red Flags

In a detailed article, Muthoni Njogu, a seasoned Kenyan digital assets lawyer takes an objective look at how VARA is constitutedhttps://t.co/oRO8eVtltR @KeTreasury pic.twitter.com/qGyEMeug06

— BitKE (@BitcoinKE) June 28, 2025

As this debate unfolds, there’s a cautionary tale unfolding elsewhere on the continent:

The saga of AFRINIC, Africa’s regional internet registry.

The saga provides lessons on what can go wrong when there is regulatory capture of such institutions.

AFRINIC was designed to serve the public interest by managing IP address resources fairly and transparently. Instead, it has become a textbook example of regulatory capture:

Powerful private interests have manipulated governance processes

Exploited legal loopholes, and

Used the courts to weaken oversight mechanisms,

paralyzing AFRINIC’s core mandate.

What Happened at AFRINIC?

AFRINIC (African Network Information Centre) is the organization responsible for managing and distributing IP address resources across Africa. It was set up to ensure fair and transparent allocation of digital infrastructure critical to Africa’s internet ecosystem.

But instead of fulfilling this mandate, AFRINIC became a cautionary tale of regulatory capture.

 

The Core Issues

Governance Capture

Certain individuals and commercial entities exploited gaps in AFRINIC’s bylaws and processes to gain outsized control over its decision-making structures.

This included attempts to pack the board, influence elections, and obstruct internal investigations.

IP Address Hoarding

Massive blocks of IP addresses – intended for equitable distribution across Africa – were allegedly misappropriated by insiders or external actors working in collusion.

These resources were resold or leased for profit, undermining the public service AFRINIC was meant to provide.

Legal Paralysis

Facing backlash, AFRINIC attempted to clamp down on abuses. But the implicated entities filed dozens of lawsuits in jurisdictions like Mauritius, where AFRINIC is registered.

These legal tactics froze AFRINIC’s enforcement powers, halted board decisions, and caused operational standstill.

Institutional Breakdown

With its hands tied and leadership contested, AFRINIC could not fulfill its mandate.

Staff resignations, financial strain, and loss of trust followed, as African internet stakeholders watched their regional registry implode.

 Why It Matters

AFRINIC was meant to be a neutral, community-driven body. Its compromise demonstrates how easily institutions meant to serve the public interest can be hijacked by narrow interests if safeguards are weak.

The crisis threatens Africa’s digital sovereignty, as IP management is foundational to internet governance and connectivity.

 

Lessons for Kenya and the Virtual Assets Bill

As Kenya moves forward with the Virtual Assets Service Providers (VASP) Bill and establishes a new Virtual Assets Regulatory Authority (VARA), the AFRINIC saga is a wake-up call.

Without:

Transparent governance,

Strong conflict-of-interest policies,

Clear stakeholder representation,

and legal protections against abuse,

a captured VARA could become a gatekeeper that stifles innovation, favors incumbents, and deters the very investment and development it’s supposed to promote.

Kenya must not repeat this mistake with its proposed Virtual Assets Regulatory Authority (VARA). The current bill risks concentrating too much power in a small group of appointees, with little accountability to industry participants, civil society, or the public. This opens the door to conflicts of interest, opaque decision-making, and a chilling effect on innovation.

A better path forward is robust stakeholder representation, clear checks and balances, and transparent processes that guard against capture by well-connected industry giants. The future of Kenya’s digital economy depends on getting this right.

LATEST |

A post on @kenyanwalstreet reveals interesting developments amidst the ongoing Kenya Virtual Assets Providers Bill 2025

The post claims collusion between @binance and @vaspchamber to shape Kenya’s digital asset regulationhttps://t.co/VQI1DSHjs3 @MzalendoWatch

— BitKE (@BitcoinKE) June 27, 2025

 

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_________________________________

South African crypto startup, Momint, once hailed as a pioneering social media and NFT marketplace, is shutting down.

According to coverage on BitKE, Momint initially drew attention for helping African creators monetize digital content through NFTs.

[WATCH] Introducing Momint – The First South African NFT Platform Accepting ZAR Payments: https://t.co/rvKfZU68yi #NFTs

— BitKE (@BitcoinKE) May 3, 2021

The platform facilitated over 400,000 transactions, onboarded thousands of creators, and championed real-world utility for tokenized assets.

 

Here’s a clear summary of Momint’s key activities as documented by BitKE over the years:

1.) Launch & Growth Milestones

May 2021 – Momint officially launched as South Africa’s first NFT marketplace supporting ZAR payments. Early successes included sales of high-profile NFTs like Bryan Habana’s rugby turntable for over $20,000. It raised roughly $2.1 million in seed funding within two weeks.

By March 2022 – The platform enabled a historic NFT sale of Nelson Mandela’s arrest warrant for over $130,000—one of Africa’s most significant NFT transactions.

NFT of Nelson Mandela Arrest Warrant Sells for Over $130,000 on the Momint NFT Marketplacehttps://t.co/vAO8dkQ6nk pic.twitter.com/vlPUG6NCgv

— STEPHEN-HIGH (@stephenhycinth) March 29, 2022

2.) Real‑World Asset & Energy Focus

Feb 2023 – Partnered with Sun Exchange to launch SunCash, a solar crowdfunding initiative. Users could buy solar cells starting at R150 ($8.33) to fund installations across Limpopo, Western Cape, and Mpumalanga. Investors received ~12% annual returns paid quarterly in USDC, with Delmas High School serving as the flagship site.

July 2024 – Received a $50,000 grant from DFINITY’s ICP hub (Mzansi Web3), after reaching ~$1.95 million in marketplace volume and 53,000+ users. The grant supports Momint’s integration with ICP blockchain to improve real-world asset tracking, reduce transaction costs, and enable smart-meter data linking.

Momint Partners with Sun Exchange to Launch SunCash – a Solar Power Blockchain Investment Initiative in South Africa

The initiative operates on a crowdfunding framework that enables several investors to finance a single projecthttps://t.co/CTexdJIiUc @SunExchange @MomintNFT

— BitKE (@BitcoinKE) February 22, 2023

3.) Crypto Payments & Merchant Integration

July 2023 – Integrated with 1Voucher to allow crypto-to-fiat conversion via vouchers. Users convert ETH or USDC into 1Voucher codes and spend them at over 10,000 South African merchants (e.g., Pick n Pay, Woolworths) as well as international retailers, restaurants, ride‑hailing, and travel services. The Momint wallet supports cheap cross-border transfers too.

WATCH | South African Startup, Momint, Partners with 1Voucher to Enable Retail Crypto Payments Across Over 10,000 Merchants

The Momint app allows users to buy a voucher using either Ethereum ( $ETH ) or $USDC which can subsequently be utilized for transactions at over 10,000… pic.twitter.com/bxLIJ2TQNf

— BitKE (@BitcoinKE) July 27, 2023

Platform Stats (as of mid‑2024)

53,000+ user wallets

Approximately $1.95 million in total marketplace volume

 

Despite these successes, Momint struggled with unsustainable operating costs and limited user growth beyond its early adopters. In its closure announcement, the team cited challenges with fundraising in the current market environment and shifting regulatory headwinds as key reasons for shutting down.

The shutdown underscores the volatility of Web3 ventures in Africa and the broader challenge of building sustainable platforms in a still-nascent ecosystem. While Momint helped prove that there is real creator demand for digital ownership, it also shows that scaling such products into profitable businesses remains tough.

 

 

 

Stay tuned to BitKE for developments into the South African crypto space.

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_________________________________________

Recent investigations reveal that Boko Haram has turned to cryptocurrencies and digital finance to dodge oversight and sustain its terrorist agenda in Nigeria.

 

Here’s how it works – and what’s being done.

Why digital finance?

Crypto’s appeal: The group exploits cryptocurrency’s pseudonymity and decentralized nature to fund operations—purchasing weapons and covering logistics—without relying on traceable bank systems.

Peer‑to‑Peer (P2P) trading boom: Despite a 2021 ban by the Central Bank of Nigeria, crypto usage surged in informal networks. From July 2023 to June 2024, Nigerians traded roughly $59 billion via crypto platforms like Binance—fuelled mainly by economic instability.

 

2. Multi-pronged digital fundraising

Mobile money & POS agents: Boko Haram also channels funds through mobile payment apps and small open-loop POS agents. Investigators found networks of unlicensed mobile-phone and pharmacy shop agents linked to terror financing.

Cryptocurrency conversion: Funds are often funneled into local traders or NGOs (sometimes unwittingly), who convert them via crypto platforms, obscuring their origin.

 

3. Broader tech-enabled tactics

Encrypted messaging & social media: Boko Haram and ISWAP exploit Telegram, WhatsApp, and even TikTok for coordination and persuasion, extending their reach across borders.

Satellite internet & drones: Some militant factions now use satellite internet services (e.g., Starlink) and drones—underscoring Nigeria’s weak digital sovereignty.

 

4. Challenges in Nigerian financial surveillance

Weak regulatory frameworks: Bans on crypto have simply driven transactions underground. Informal systems like hawala, barter trade, and some fintech services continue unmonitored.

Inefficient agency coordination: Between financial and security regulators, collaboration remains patchy, leaving gaps in identifying and tracing illicit digital flows.

 

5. What’s being done

Account freezes & prosecutions: More than 1,100 bank accounts connected to terror networks were frozen in 2024. Courts also convicted over 85 financiers of Boko Haram-related crypto funding, and six Nigerians were charged in the UAE for moving $780K via crypto.

Strengthened fintech oversight: The Nigerian Financial Intelligence Unit (NFIU) is tracking suspicious transactions via mobile-money and POS systems. Enhanced coordination with the Economic and Financial Crimes Commission (EFCC) and local regulators aims to close loopholes.

Technology & international collaboration: Nigeria is exploring blockchain analytics, AI for transaction monitoring, and partnering with bodies like FATF, GIABA, and UN task forces to disrupt cross-border terror financing.

Summary

Challenge Impact Response Cryptocurrencies & mobile‑money use Enables untraceable fund flows Account freezes, prosecutions, fintech tracking Leaky informal networks Facilitates laundering via POS, hawala, barter NFIU-led intelligence gathering Weak regulation & coordination Allows digital financing to escape oversight New tech tools, global cooperation, strategic reforms

To effectively starve Boko Haram of funds, Nigeria must:

Deepen crypto regulation, monitoring P2P platforms and mandating KYC.

Tighten digital finance oversight, including mobile money and POS terminals.

Enhance inter-agency coordination – aligning NFIU, EFCC, CBN, and law enforcement.

Invest in tech-driven surveillance, especially blockchain analytics and AI.

Fortify policy via regional & international cooperation – GIABA, FATF, UN, bilateral action.

 

 

By understanding how digital finance has become a key tool for terrorism funding in Nigeria, we can prioritize smarter policies and technologies to plug those financial blind spots.

 

 

 

Stay tuned to BitKE for deeper insights into the evolving African crypto space.

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_________________________________

The crypto industry is under siege – not by regulators, but by bots.

From meme coin launches to airdrops and NFT mints, an increasing number of Web3 activities are being gamed, overwhelmed, and often entirely dominated by bots. These aren’t just script kiddies; they’re sophisticated, high-frequency systems designed to drain value from the ecosystem before real users can blink.

 

Airdrop Warfare

One of the clearest examples of the bot invasion came during the LayerZero airdrop in June 2024. Almost immediately after eligibility was announced, users began reporting significant delays and errors – not due to system failure, but because thousands of bot wallets were hammering the claims portal.

According to a Dune Analytics dashboard by @hildobby, over 800,000 wallets claimed the airdrop, but blockchain sleuths estimate that up to 50% of these were likely Sybil wallets — fake or duplicate accounts created solely to farm the drop. While LayerZero claimed to have disqualified over 600,000 wallets, critics argued that bots still captured a substantial share of the rewards.

This isn’t an isolated incident. Airdrops from projects like Starknet, Arbitrum, and Optimism have all seen similar bot infiltration. In response, protocols are turning to more complex Sybil detection methods – but it’s a cat-and-mouse game, and the bots are winning more often than not.

LIST | A Look at the Top 10 Biggest Airdrops in Crypto History

At the time of this writing, 2021 remains the highlight year for airdrops, as 18 out of the top 50 crypto airdrops happened that year, up from only 5 major airdrops in 2020.

2022 and 2023 saw fewer major crypto… pic.twitter.com/3DPwXeI3C7

— BitKE (@BitcoinKE) September 29, 2024

Bots Rule the MemeCoin Casino

Bots don’t just dominate airdrops. They’re also carving out massive profits in the memecoin space.

On Solana, where thousands of tokens launch each day, bots routinely scan for new token listings, snipe buys in the first block, and dump tokens within seconds. Human traders don’t stand a chance – by the time they see a trending token on social media, the bots have already pumped and dumped it.

INTRODUCING | https://t.co/nDFpSnSj5U Decentralized Exchange, #PumpSwap, Surpasses $100 Million TVL in Less Than 2 Months Amid Memecoin Trading Surge

The rise of #memecoins is fueling unprecedented growth in Solana’s decentralized ecosystem.https://t.co/MsO12GIapZ @pumpdotfun pic.twitter.com/gtFXcLReti

— BitKE (@BitcoinKE) May 10, 2025

One infamous case was the launch of the TrumpCoin memecoin in May 2024. A trading bot purchased the entire initial liquidity in the same block the token launched, flipping a $3,000 investment into $2 million in under 10 minutes.

The same patterns have been observed on Ethereum and Base. Bots pay priority fees (MEV) to get ahead in the memecoin lottery, outpacing human reaction times and draining liquidity before real users can act.

REPORT | #MemeCoins were the Top-Performing Crypto Sub-Sector, #Solana was the Most Dominant Blockchain in 2024

Memecoins were the top-performing sub-sector, with 212% growth. https://t.co/5e3W9yeCDM @solana @solana_daily @binance pic.twitter.com/YWBQWcVx7C

— BitKE (@BitcoinKE) January 26, 2025

MEV and the Invisible War

This behavior ties into a broader phenomenon in crypto known as MEV – maximal extractable value.

MEV refers to the ability of network participants (typically validators or block builders) to reorder, insert, or censor transactions in a block to extract value. Bots leverage MEV to sandwich or frontrun trades — spotting a user’s transaction, buying the asset first, and selling it back at a higher price just seconds later.

While MEV can be viewed as a feature of permissionless blockchains, its real-world impact is controversial. Critics argue it undermines fair access and creates a predatory environment where only the most technically advanced actors win.

REPORT | Bots Account for 90% of Stablecoin Transactions, Says VISA

Cuy Sheffield, Head of Crypto, #VISA, pointed out that stablecoins transactions may frequently be double-counted depending on the platforms involved in fund transfers.

For instance, converting $100 worth of… pic.twitter.com/rsRGIIiYuo

— BitKE (@BitcoinKE) May 10, 2024

Can Crypto Defend Itself?

So far, attempts to curb bot dominance have had mixed results.

Projects like EigenLayer are experimenting with reputation-based systems, and others are turning to biometric or social verification to gate access. But these solutions come with their own trade-offs: complexity, centralization, or privacy concerns.

[TECH] EXPLAINER GUIDE | A Look at EigenLayer – Restaking Ethereum to Earn More Rewards: EigenLayer, introduced on the mainnet in June 2023, comprises a set of smart contracts operating on the Ethereum blo.. https://t.co/yeoaVYeR8n via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) April 14, 2024

Ultimately, the crypto space may need to reimagine how it incentivizes participation. As long as open networks offer free money to anyone with an address, bots will find a way in.

It’s a philosophical dilemma at the heart of Web3: how do you stay open and decentralized while defending against bad actors who move faster than any human can?

The war against bots isn’t just technical – it’s existential.

 

 

 

Stay tuned to BitKE for deeper insights into the evolving global crypto regulatory space.

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Follow us on X for the latest posts and updates

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_________________________________________

Stablecoin issuers regularly publish attestation reports to verify that their tokens are fully backed by reserve assets. But what do these reports actually tell you, and how can you interpret them accurately?

 

What Is a Stablecoin Attestation?

A stablecoin attestation is a third-party review – typically done by an independent accounting or auditing firm – that evaluates whether a stablecoin issuer’s reserves are equal to or greater than the number of stablecoins in circulation. This process is often confused with an audit, but they are not the same.

Attestations offer a snapshot at a specific point in time, confirming reserve balances without deep inspection of financial controls.

Audits, on the other hand, are more comprehensive and evaluate internal systems, controls, and the fairness of financial reporting.

Most stablecoins, including USDT (Tether) and USDC (Circle), publish monthly attestation reports instead of undergoing full audits.

REPORT | #Tether Reports Over $1B in Operating Profit and Adds Over 46 Million User Wallets in Q1 2025

The first quarter of 2025 also marked Tether’s debut under regulatory oversight in El Salvador.https://t.co/yBR5yoItb7 $USDT @Tether_to pic.twitter.com/HvQFFHCsZ5

— BitKE (@BitcoinKE) May 2, 2025

Why Are Attestations Important?

Stablecoins are expected to maintain a 1:1 peg to fiat currencies like the US dollar. If a stablecoin is not fully backed, there is a risk that users won’t be able to redeem their tokens for the corresponding fiat value, undermining trust in the asset.

Attestations provide transparency and are critical in assuring the public and regulators that the stablecoin is indeed fully collateralized.

 

Who Prepares These Reports?

Attestation reports are usually conducted by accounting firms following standards like those set by the American Institute of Certified Public Accountants (AICPA). The firms examine account balances and reserve holdings but do not express an opinion on the issuer’s internal processes or risk controls.

Common firms involved in stablecoin attestations include:

BDO Italia (for Tether)

Deloitte (for Circle), and

Grant Thornton (previously for Circle).

What Do These Reports Contain?

While formats vary by issuer and accounting firm, most stablecoin attestation reports include:

Date of Attestation – The exact date and time when the reserve snapshot was taken.

Total Stablecoins in Circulation – The number of issued tokens that are backed by reserves.

Total Assets in Reserve – The breakdown of assets held to back the stablecoins.

Types of Reserve Assets – Categories may include cash, U.S. Treasury bills, commercial paper, repurchase agreements, and money market funds.

Liabilities – Occasionally included to provide net assets backing the stablecoins.

Assurance Statement – The accounting firm’s statement confirming the assets match or exceed liabilities at the time of review.

Key Red Flags to Watch For

When reading an attestation report, pay attention to these red flags:

Excessive Exposure to Risky Assets: If a large share of reserves is in high-risk or illiquid instruments, redemption during market stress could be compromised.

Lack of Detail: Vague or incomplete disclosures about asset composition may signal a lack of transparency.

Infrequent Reporting: If reports are not published regularly, it could indicate inconsistent or unreliable backing.

Conflicts of Interest: Ensure the third-party firm has a reputation for independence and is not tied to the issuer.

Limitations of Attestations

Attestations are not foolproof. They do not:

Verify reserves continuously – only at one moment in time.

Audit the issuer’s internal controls or risk management.

Provide assurance that the stablecoin will maintain its peg under market stress.

For example, a stablecoin may appear fully backed during a quiet market period but could face challenges during mass redemptions or bank failures.

Stablecoin attestation reports are a useful tool for evaluating the transparency and credibility of a stablecoin issuer. While not as rigorous as audits, they can offer a degree of assurance—if you know what to look for. By understanding how to interpret these reports and being alert to potential red flags, users and institutions can better assess the stability and trustworthiness of the digital assets they rely on.

 

 

 

Stay tuned to BitKE for deeper insights into the crypto space.

Join our WhatsApp channel here.

Follow us on X for the latest posts and updates

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______________________________________________

In June 2025, Kenya’s National Assembly took a significant step toward regulating the country’s fast-growing crypto ecosystem with the release of a comprehensive report on the Virtual Asset Service Providers (VASP) Bill, 2025 (Bill No. 15 of 2025).

The report, compiled by the Departmental Committee on Finance and National Planning, outlines extensive stakeholder feedback and critical amendments that bring the Bill in line with global best practices while tailoring it to Kenya’s unique regulatory and innovation landscape.

[TECH] REPORT | IMF Advises the Capital Markets Authority of Kenya to Create Predictable Regulatory Framework for the Crypto market: The International Monetary Fund (IMF) has recommended that Kenya establish.. https://t.co/a97RZFJX0s via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) January 10, 2025

___________________________

TL;DR: What This Means for Crypto in Kenya

Kenya is moving toward a modern, risk-based crypto framework.

A joint regulatory authority will harmonize oversight and minimize red tape.

The law recognizes a wide range of digital assets while prioritizing consumer protection.

Licensing processes have been tailored for startups and innovators.

Public consultation has been instrumental in future-proofing the law.

___________________________

 

Here’s a breakdown of the most important changes and insights from the report:

 

1. Clearer Definitions and Expanded Scope

The Committee refined several technical definitions to ensure legal clarity and global alignment. Key updates include:

Stablecoins: The committee retained a future-proof definition but rejected overly broad alternatives like “asset-referenced tokens.”

Virtual Assets: The definition now includes tokenized real-world assets and stablecoins.

E-money: The outdated definition was deleted entirely as it was not used in the Bill.

Custodial Wallets: Proposed expansive definitions were considered but ultimately deemed covered by existing language.

Virtual Service Tokens: Definitions were updated to exclude tokens used for payments or speculation, ensuring proper regulatory boundaries.

 

2. Regulatory Clarity and Structure

One of the most significant reforms is the creation of a joint Virtual Assets Regulatory Authority (VARA):

VARA Composition: Will include the Capital Markets Authority (CMA), Central Bank of Kenya (CBK), and potentially other regulators like the Data Commissioner and the Communications Authority.

Rationale: This eliminates jurisdictional overlap and provides a “one-stop shop” for licensing and compliance.

 

3. Balanced Licensing Framework

The report introduces tiered and rolling licensing systems to ease administrative burdens and support startups:

Rolling Validity: Licenses will now be valid for 12 months from the date of issue, not just until December 31st.

Renewals & Grace Periods: A 90-day grace period is allowed for renewals, with pro-rated fees proposed.

Simplified Entry: Acknowledging the nascency of the sector, micro-entities may operate under sandbox regimes, although the Bill still restricts natural persons from operating as VASPs.

 

4. Consumer Protection and Market Integrity

Multiple updates reinforce consumer safety, AML compliance, and transparency:

Mandatory Public Registers: The CMA must maintain a digital, searchable database of licensed VASPs.

Fit and Proper Tests: Now include scrutiny of data protection, financial responsibility, and past regulatory violations.

Conflict of Interest Controls: Strengthened through disclosure obligations and internal control frameworks.

 

5. Licensing for Emerging Use Cases (e.g., Betting)

The committee resisted pressure to create special provisions for virtual assets in betting and gaming. Instead:

Betting use cases are acknowledged as part of broader virtual asset definitions.

Regulation of such activities is deferred to the principal Betting, Lotteries and Gaming Act.

 

6. Public Participation Was Robust

The Committee engaged nine key stakeholders

Each provided line-by-line proposals, many of which were adopted – proving the impact of civic and industry engagement in shaping crypto policy.

 

Next Steps:

The Bill will proceed to the full House with these amendments. If passed, Kenya could position itself as a continental leader in balanced crypto regulation – striking a fine line between innovation and oversight.

 

 

 

Stay tuned to BitKE for deeper insights into the evolving global crypto regulatory space.

Join our WhatsApp channel here.

Follow us on X for the latest posts and updates

Join and interact with our Telegram community

_________________________________

In June 2025, Kenya’s National Assembly took a significant step toward regulating the country’s fast-growing crypto ecosystem with the release of a comprehensive report on the Virtual Asset Service Providers (VASP) Bill, 2025 (Bill No. 15 of 2025).

The report, compiled by the Departmental Committee on Finance and National Planning, outlines extensive stakeholder feedback and critical amendments that bring the Bill in line with global best practices while tailoring it to Kenya’s unique regulatory and innovation landscape.

[TECH] REPORT | IMF Advises the Capital Markets Authority of Kenya to Create Predictable Regulatory Framework for the Crypto market: The International Monetary Fund (IMF) has recommended that Kenya establish.. https://t.co/a97RZFJX0s via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) January 10, 2025

___________________________

TL;DR: What This Means for Crypto in Kenya

Kenya is moving toward a modern, risk-based crypto framework.

A joint regulatory authority will harmonize oversight and minimize red tape.

The law recognizes a wide range of digital assets while prioritizing consumer protection.

Licensing processes have been tailored for startups and innovators.

Public consultation has been instrumental in future-proofing the law.

___________________________

 

Here’s a breakdown of the most important changes and insights from the report:

 

1. Clearer Definitions and Expanded Scope

The Committee refined several technical definitions to ensure legal clarity and global alignment. Key updates include:

Stablecoins: The committee retained a future-proof definition but rejected overly broad alternatives like “asset-referenced tokens.”

Virtual Assets: The definition now includes tokenized real-world assets and stablecoins.

E-money: The outdated definition was deleted entirely as it was not used in the Bill.

Custodial Wallets: Proposed expansive definitions were considered but ultimately deemed covered by existing language.

Virtual Service Tokens: Definitions were updated to exclude tokens used for payments or speculation, ensuring proper regulatory boundaries.

 

2. Regulatory Clarity and Structure

One of the most significant reforms is the creation of a joint Virtual Assets Regulatory Authority (VARA):

VARA Composition: Will include the Capital Markets Authority (CMA), Central Bank of Kenya (CBK), and potentially other regulators like the Data Commissioner and the Communications Authority.

Rationale: This eliminates jurisdictional overlap and provides a “one-stop shop” for licensing and compliance.

 

3. Balanced Licensing Framework

The report introduces tiered and rolling licensing systems to ease administrative burdens and support startups:

Rolling Validity: Licenses will now be valid for 12 months from the date of issue, not just until December 31st.

Renewals & Grace Periods: A 90-day grace period is allowed for renewals, with pro-rated fees proposed.

Simplified Entry: Acknowledging the nascency of the sector, micro-entities may operate under sandbox regimes, although the Bill still restricts natural persons from operating as VASPs.

 

4. Consumer Protection and Market Integrity

Multiple updates reinforce consumer safety, AML compliance, and transparency:

Mandatory Public Registers: The CMA must maintain a digital, searchable database of licensed VASPs.

Fit and Proper Tests: Now include scrutiny of data protection, financial responsibility, and past regulatory violations.

Conflict of Interest Controls: Strengthened through disclosure obligations and internal control frameworks.

 

5. Licensing for Emerging Use Cases (e.g., Betting)

The committee resisted pressure to create special provisions for virtual assets in betting and gaming. Instead:

Betting use cases are acknowledged as part of broader virtual asset definitions.

Regulation of such activities is deferred to the principal Betting, Lotteries and Gaming Act.

 

6. Public Participation Was Robust

The Committee engaged nine key stakeholders

Each provided line-by-line proposals, many of which were adopted – proving the impact of civic and industry engagement in shaping crypto policy.

 

Next Steps:

The Bill will proceed to the full House with these amendments. If passed, Kenya could position itself as a continental leader in balanced crypto regulation – striking a fine line between innovation and oversight.

 

 

 

Stay tuned to BitKE for deeper insights into the evolving global crypto regulatory space.

Join our WhatsApp channel here.

Follow us on X for the latest posts and updates

Join and interact with our Telegram community

_________________________________

Kenyans took to the streets on June 2025 to mark one year and remember those who died during the June 2024 demonstrations over the controversial 2024 Kenya Finance Bill.

KENYA |

The June 2025 Kenya Protests in pictures #KenyaProtests pic.twitter.com/GMBLALobrw

— BitKE (@BitcoinKE) June 25, 2025

The June 2025 demonstrations however had a surprise entry – crypto.

A look at various sources shared with BitKE by the crypto community indicate support by foreign and anonymous people leveraging Binance P2P, the leading crypto platform in Kenya, to cash out USDT into Kenya Shillings (KES) and support protestors who were struggling with logistics.

Baaaaaas I REPEAT Kama hauna fare ya kufika maandamano CBD paste niweke mia mia lazima tuinuane team sisi kwa Sisi #SiriNiNumbers #OccupyUntilVictory pic.twitter.com/aXtCkaUYcZ

— MR KIMM (@MrKimmKE) June 25, 2025

Numerous online sources seem to indicate a concerted effort to facilitate demonstrators, particularly with small donations. One protestor even mentioned that ‘a friend from the UK’ supported the protest via USDT with a screenshot of the donated funds.

A friend from UK ame top up my account nizidi kuwaekea

I will reach each one of you Kila mtu atapata share yake #SiriNiNumbers#OccupyUntilVictory https://t.co/hQSQ6dGwUl pic.twitter.com/P1CQFOPTnb

— MR KIMM (@MrKimmKE) June 25, 2025

As donations came in, they were quickly dispersed to protestors via M-PESA.

Wewe panda gari fare italipwa

We want two million Kenyans today in Nairobi CBD #SiriNiNumbers #OccupyUntilVictory pic.twitter.com/riTlNekE77

— MR KIMM (@MrKimmKE) June 25, 2025

Nani Bado hajapata za kufika cbd?#SiriNiNumbers #OccupyUntilVictory #OccupyStatehouse2025

Comrade paste now !! pic.twitter.com/fxo43xjNu6

— Iam Wa Kimathi (@IamKimathiKE) June 25, 2025

Other apps that were apparently invoked and used during the protests include OKX and TapSwap.

REGULATION | Crypto Exchange, OKX, to Shut Down Services in Nigeria in August 2024 Due to Unfavorable Regulatory Conditions

According to an email sent to its Nigerian customers on July 18 2024, customers are expected to withdraw their funds from OKX on or before August 16… pic.twitter.com/UEXJ8z2cr3

— BitKE (@BitcoinKE) July 22, 2024

MY CRYPTO BROS hii ni yenu kama ukona USDT uko binance, Okx ama any other exchange na unataka kuzicash urgently download app inaitwa TAPSWAP kwa playstore or appstore verify KYC tuma USDT zako huko kisha sell upate maziwa mpesa immediately

— 𝙆𝙞𝙟𝙖𝙣𝙖 𝙮𝙖 𝙫𝙘 (@Fra_nk001) June 25, 2025

The use of USDT is not a surprise. A recent IMF-commissioned market survey revealed widespread use of digital assets in Kenya, particularly the USDT stablecoin, suggesting that their adoption as a payment option is more extensive than previously anticipated.

According to the report:

USDT ($USDT) is the most used stablecoin currently used by about 49 percent of Kenyans that own cryptos, followed by

USDC ($USDC) (31 percent) and

BUSD (9 percent) – [Now delisted and phased out]

[TECH] STABLECOINS | Private Firms in Kenya Turn to Stablecoins to Pay Foreign Suppliers, 49% Use USDT, Says IMF: The International Monetary Fund (IMF) has revealed that many Kenyan firms are now using crypt.. https://t.co/iZWzG1PM4Y via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) January 13, 2025

Using crypto to advance such causes is not new.

In 2020, at the height of the #ENDSARS campaign in Nigeria, numerous groups were accussed of facilitating protests resulting in account shutdowns. As a result, protest supporters turned to crypto.

[TECH] How Bitcoin Donations are Helping in the Nigerian #ENDSARS Campaign: As the fight to end the Special Anti-Robbery Squad (SARS) in Nigeria continues to gain momentum, crypto exchanges in the country as.. https://t.co/zj7wTIYvBE via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) October 16, 2020

As reported by BitKE back then, within a time window of just one week, the campaign donations recorded by Feminist Coaltion, the organization that supported the protest via crypto, was ~40 BTC (~$4.3 million at the time of writing).

[TECH] Bitcoin Donations Are Among the Most Popular Payment Modes for Supporting The Nigerian #ENDSARS Campaign: The ongoing #ENDSARS protests, with the help of Feminist Coalition, has so far raised a substa.. https://t.co/NluIc4Weas via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) October 23, 2020

A number of Nigerian crypto companies and personalities offered support, including donations to help in the cause, in addition to other supporters across the African continent and the world.

We just matched this donation by @buycoins_africa and are calling other tech startups to donate to this cause.

This issue affects us and our employees the most. #EndSars #EndPoliceBrutality https://t.co/QGxYmnNi12

— Busha (@getBusha) October 9, 2020

Simiarly, during the #EndBadGovernance protests in 2024, the Nigerian government accused organizers of using crypto freezing over $37 million worth of crypto held in their wallets.

REGULATION | Nigeria Freezes Crypto Accounts with Over $37 Million in $USDT Belonging to Suspected Protest Organizers

The wallet with the lion’s share of the assets has over $37 million in $USDT while another has over $400,000 in $USDT.https://t.co/RyifU23UB0 @Tether_to… pic.twitter.com/9U8pax0MP8

— BitKE (@BitcoinKE) August 14, 2024

According to local news outlets, the freezing followed an order by the Federal High Court in Abuja after an application by the Economic and Financial Crimes Commission (EFCC).

In the case of the #ENDSARS campaign, the Federal Government was able to freeze the accounts of 20 #EndSARS campaigners after telling a Federal High Court in Abuja, Nigeria that the funds in their accounts might have been linked to terrorist activities.

The Human Rights Foundation has similarly supported human rights defenders and activists, including developers building censorship-resistant tools via Bitcoin across the continent. According to its recent video celebrating the Bitcoin Development Fund (BDF) 5-year anniversary, the fund has supported educational and developer efforts across Africa where authoritarian regimes weaponize the financial system and resrict Bitcoin education including Cameroon, Uganda, Egypt, Burundi, Togo, and the Congo.

The Nigerian #ENDSARS campaign seem to have a set a precedent with Kenyan protestors and their supporters now leveraging crypto, and more specifically the USDT stablecoin, to ensure the success of the current protests.

While the use of crypto in Kenya has not been criminalized, like it has happened in Nigeria with ponzi and unlicensed schemes, the Directorate of Criminal Investigations in Kenya (DCI Kenya), which is the lead investigative body in the country, has previously highlighted the use of crypto for criminal activities including money laundering and corruption.

It will be interesting to see if this development casts a dark shadow on crypto from law enforcement and government agencies, resulting in more crackdowns similar to Nigeria, or Kenya will take a more open approach.

Can Kenyan Politicians Legally Accept Crypto Donations? https://t.co/M9ErouxGA9

— BitKE (@BitcoinKE) February 15, 2022

BitKE will continue to update this story as more information come to light.

 

 

 

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________________________________________________

According to a report by Bloomberg, South Africans are spending more than R2 million (approximately $112,000) each month using cryptocurrency via Luno Pay, a service offered by the crypto exchange Luno. This figure highlights the growing shift from crypto as a trading tool to a functional alternative for digital payments.

Luno Pay allows users to spend their crypto directly with merchants using QR codes, offering an experience similar to mainstream digital wallets like Apple Pay and Google Pay.

Luno says that South Africans are spending as little as R1 for items at Pick n Pay, a local supermarket chain. The exchange has also partnered with Zapper – a payment app in South Africa – which is offering a very similar experience to Lightning QR code scanning. It is also interesting to see the USDT-cash back incentivising South Africans to use this payment functionality by giving them back digital dollars.

While Luno does not disclose the number of merchants currently accepting payments through its system, here’s what we do know from their recent data:

R3 million ZAR (~USD 160 k) in total transactions have been processed through Luno Pay since its launch in September 2023 — with an average basket size of R370 and a max single transaction of R10,000

A social media poll by Luno found that ~40% of respondents said they had used crypto to make payments

Over 31,000 merchants in South Africa now accept crypto via Luno (through Zapper integration)

More than 60% of payment volume is coming from users who have been with Luno for at least three years, indicating established users are most likely to use it for payments

SOUTH AFRICA | Luno Wallet Users Can Now Pay for Goods and Services in Pick n Pay Stores Using Bitcoin for Free

Customers can purchase groceries and various value-added services, including airtime, electricity, bus tickets, and even pay municipal bills using Bitcoin at the… pic.twitter.com/o2byFlgbqV

— BitKE (@BitcoinKE) September 13, 2023

What This Tells Us:

While we don’t know how many users are using payments per se, the volume (R3M+) and merchant uptake (31K+ merchants) point to meaningful usage, especially among experienced Luno users.

The 40% poll response suggests that a substantial portion of engaged users are using crypto for real-world payments.

Summary

R3M+ in payments processed.

31,000+ merchants accepting crypto.

Among Luno users aware enough to respond, ~40% use it for payments.

Most of that is done by long-term users (3+ years).

MILESTONE: Luno Hits 10 Million Customers – One Million Added in 6 Months, 40% in South Africa https://t.co/ZeAa60Xmy7 @LunoGlobal

— BitKE (@BitcoinKE) April 15, 2022

If you’re after global figures or absolute user counts, Luno hasn’t made those publicly available yet. But in South Africa, crypto payments are clearly growing — both in merchant acceptance and user behavior.

South Africa has long stood out as one of the most crypto-forward countries on the continent. Data from Statista shows that roughly 11% of the population owns cryptocurrency, placing it among the top crypto adoption rates globally. The country’s favorable regulatory stance – including the classification of crypto as a financial product by the Financial Sector Conduct Authority (FSCA) – has also supported the industry’s development.

Marius Reitz, General Manager for Africa at Luno, told Bloomberg that people are using crypto for purchases ranging from flight tickets to groceries. He noted that Luno Pay gives users the ability to spend their crypto instantly, bridging the gap between traditional finance and blockchain-powered payments.

Luno itself is one of Africa’s longest-standing crypto platforms, with over 10 million users globally and a strong presence in South Africa, Nigeria, and other key African markets. The company was acquired in 2020 by Digital Currency Group (DCG), one of the world’s leading crypto investment firms. Despite facing industry headwinds and scaling back its international operations in early 2023, Luno has continued to push for product innovation, including integrating retail payments into its platform.

CRYPTO NEWS: South African Exchange, Luno, to Shed 35% of Jobs to Navigate ‘Crypto Winter’ – BitcoinKE https://t.co/bZQQtWRy0U

— Crypto Trader Pro (@CryptoTraderPro) January 29, 2023

As crypto gains more utility in everyday life, South Africa could serve as a model for how digital currencies can be blended into existing payment ecosystems — not just as a speculative asset, but as usable money.

48% of Crypto Holders in Kenya, Nigeria, South Africa Invest to Pay for Education, Reveals Latest Luno Report: https://t.co/DqI0FOKniq @LunoGlobal

— BitKE (@BitcoinKE) October 4, 2021

 

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_________________________________________

A new H1 2025 on crypto has revealed that memecoins are the only crypto sector to post positive returns in the first half of 2025.

 

According to the data, the memecoin sector returned an average of 1,313%, dramatically outperforming other crypto segments – most of which have recorded double-digit losses this year.

“In the first half of 2025, memecoins were the only profitable narrative, with a year-to-date return of +1,313.5%,” the report stated.

 

Other sectors, such as Real World Assets (RWAs), Artificial Intelligence (AI), and Layer 2s, posted negative average returns, despite strong interest in their long-term potential.

RWAs fell by 33.6%

AI tokens dropped by 29.4%, and

Layer 2 tokens saw losses of 17.3%.

TOKEN ANALYSIS | #RWA Launchpad, Collaterize $COLLAT Surges 300% in 5 Days Following @solana Founder Repost

“In our model, a portion of each tokenized asset goes into a dedicated liquidity pool ensuring it’s immediately tradable.” – @CollaterizeHQ https://t.co/gz57ATFHZs pic.twitter.com/PhI1RaxPJk

— BitKE (@BitcoinKE) May 22, 2025

Top-Performing Memecoins

Among the best-performing memecoins were:

Brett (BRETT) — Based on Matt Furie’s “Boy’s Club” comic and built on Base, it skyrocketed by 7,727%.

Book of Meme (BOME) — Launched by artist Darkfarms, it surged by 1,964%.

Dogwifhat (WIF) — A Solana-based token, which gained 1,589%.

Pepe (PEPE) — An Ethereum token inspired by the famous meme frog, which rose by 514%.

Shiba Inu (SHIB) — The popular Ethereum-based dog token, up 176%.

As of June 11, 2025, Pump.fun has facilitated the launch of 5,897,541 new memecoins, marking an explosive surge in token creation. This represents more than a tenfold increase compared to the roughly 540,000 new tokens launched across decentralized exchanges by early April 2024, according to CoinGecko.

On average, 36,405 new memecoins were launched daily on Pump.fun – a 3.5x increase from the 2024 daily average of 10,417 tokens. This rapid acceleration signals a fundamental shift in how crypto entrepreneurs and retail participants approach token creation, with memecoins emerging as the go-to vehicle for experimentation, community engagement, and speculative momentum.

HOW TO | How To Quickly Create and Share Your Own MemeCoin Using Solana Marketplace, https://t.co/QCr6l2e8EP

Below is a step-by-step guide to help you launch your own memecoin using https://t.co/QCr6l2e8EP on the Solana network.https://t.co/voUe9o9ZKl @pumpdotfun @solana… pic.twitter.com/q8gV71huc4

— BitKE (@BitcoinKE) July 1, 2024

In the first half of 2025, meme coin creation consistently exceeded 800,000 per month, averaging 1,117,943 new tokens monthly. January 2025 set the tone with a staggering 1.7 million meme tokens launched in just one month.

Month Total Created (Tokens) Average Daily Launches January 2025 1,727,508 55,726 February 2025 1,140,175 40,721 March 2025 823,401 26,561 April 2025 1,001,077 33,369 May 2025 897,553 28,953

This surge highlights the memecoin sector’s ongoing appeal, even in the face of extreme volatility and high attrition. While the vast majority of these tokens fade shortly after launch, the relentless pace of new creations suggests that traders and creators remain undeterred — driven by the lure of rapid, speculative gains.

STATISTICS | https://t.co/nDFpSnSj5U #MemeCoins Face Mass Extinction – Less Than 1% Survive

The collapse of the memecoin market has contributed to a staggering $1 trillion loss in overall crypto market capitalization.

Analysts warn that this shift in capital allocation may… pic.twitter.com/4npj6Tdkzl

— BitKE (@BitcoinKE) March 15, 2025

Which raises a critical question: Are meme coins profitable enough to sustain this level of hype and activity?

While most of these tokens have little to no utility, their communities and cultural appeal continue to drive strong speculation and trading volume – a hallmark of the memecoin sector.

MARKET ANALYSIS | #MemeCoins Outperformed All Crypto Categories in 2024

The memecoin category outperformed all other crypto asset classes in 2024, with its market cap surging by 500% – rising from $20 billion in January to $120 billion in December 2024https://t.co/OSc4F554KN pic.twitter.com/lgS6EiUB2B

— BitKE (@BitcoinKE) January 6, 2025

Contrast with Other Narratives

The memecoin boom stands in stark contrast to the performance of more “serious” narratives that dominated headlines throughout 2024 and early 2025.

Despite considerable institutional interest and development in RWAs and AI, these sectors struggled to deliver returns. Infrastructure tokens – including Layer 1s and Layer 2s – also failed to excite the market, suggesting a continued dominance of speculation-driven plays over fundamentals.

Category Profit (%) Loss (%) Meme 18.82% 81.18% RWA 28.90% 71.10% Layer 1 10.23% 89.77% DEX 10.22% 89.78% Lending 11.11% 88.89% NFT 8.04% 91.96% GameFi 8.37% 91.63% Restaking 8.62% 91.38% AI 8.69% 91.31% Layer 2 6.14% 93.86%

Even the DeFi and gaming/metaverse sectors saw declines of 17.0% and 21.0% respectively, underscoring a broader downturn in utility-based crypto investments.

Memecoins: A Speculative Favorite

CoinGecko attributes the memecoin rally to their cultural resonance and viral nature, which often leads to rapid price movements fueled by community-driven hype. These characteristics have made memecoins a favorite among retail traders looking for quick returns – especially amid otherwise stagnant market conditions.

A Legendary Trader Turned $8,000 into $5.7 Billion with Shiba Inu – The Blueprint for MemeCoin Investing

When an investor quietly bought $8,000 worth of Shiba Inu in August 2020, no one noticed. Fast-forward 14 months, and . . .https://t.co/ubDLRuqNHJ @ShibainuCoin @ShibArmy pic.twitter.com/p8511ZHbVn

— BitKE (@BitcoinKE) May 20, 2025

As the second half of 2025 unfolds, memecoins remain a rare bright spot in an otherwise underperforming crypto landscape.

 

 

 

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______________________________________________

Decentralized prediction market platform, Polymarket, is reportedly in the process of raising up to $200 million in new funding at a valuation of $1 billion, according to reports.

The platform, which allows users to place bets on real-world events – including elections, sports, and crypto – has experienced a surge in popularity ahead of the 2024 U.S. presidential election. Polymarket’s sharp growth and increased media attention have attracted prominent investors from the crypto and tech world.

The company’s last known funding round was in 2022 when it raised $4 million from Peter Thiel’s Founders Fund, Ethereum Co-Founder, Vitalik Buterin, and former Coinbase CTO, Balaji Srinivasan, among others.

Polymarket operates on the Polygon blockchain and enables users to trade “yes” or “no” shares on the outcomes of various events. These shares can rise or fall in value based on the probability of an outcome, similar to traditional prediction markets.

EXPLAINER: How to Make Bets and Earn $USDC Using the PolyMarket Prediction Market

A prediction market is a marketplace where people can buy and sell shares on how a future event will resolve.

Here is a step-by-step guide:https://t.co/68pOHj5ivc @PolymarketHQ pic.twitter.com/EwDbjjLilf

— BitKE (@BitcoinKE) July 31, 2022

Despite the growing attention, Polymarket has faced regulatory scrutiny in the past. In January 2022, the U.S. Commodity Futures Trading Commission (CFTC) fined the platform $1.4 million for offering unregistered binary options contracts. As part of the settlement, Polymarket agreed to wind down markets that violated CFTC rules.

However, the platform has since remained active and is now gaining renewed traction as interest in decentralized betting platforms grows – particularly in politically charged environments where traditional betting platforms may be restricted.

PARTNERSHIP | Social Media Platform, @X, Partners with Decentralized Prediction Markets, @Polymarket, to Help Audiences Contextualize Information

Polymarket and X aim to decentralize truth-discovery by integrating market-based forecasting onto X.https://t.co/M4b5MElbY8 pic.twitter.com/Aa0VIdjrbK

— BitKE (@BitcoinKE) June 7, 2025

Polymarket has not yet publicly confirmed the new funding round or valuation.

 

 

 

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______________________________________________

Press Release

 

Bitget, the leading cryptocurrency exchange, and Web3 company, has concluded a successful showing as a Diamond Sponsor at the Kenya Blockchain and Crypto Conference 2025. As part of its ongoing commitment to driving global adoption and financial inclusion, Bitget brought education, expert insights, and meaningful dialogue to one of Africa’s most vibrant crypto communities.

As part of its participation, Bitget hosted a high-impact Masterclass attended by over 100 participants from the conference. The session introduced attendees to the fundamentals of blockchain and cryptocurrency, followed by a deep dive into Bitget’s product ecosystem. From P2P trading and fiat onramps to spot, futures, and copy trading, participants were given a hands-on understanding of how Bitget’s offerings enable smarter, more accessible trading for users at every stage.

Bitget also delivered a keynote presentation led by Andrew Letting, which explored how fintech companies can leverage Bitget’s institutional infrastructure to integrate digital asset solutions. The keynote outlined Bitget’s powerful APIs, liquidity access, and secure backend systems as foundational tools for businesses building crypto-enabled services.

Further emphasizing its leadership role in the ecosystem,  Bitget Kenya Marketing Lead, Mathendu Lorena, took part in a panel alongside key industry players. On the panel, OKX, MEXC, YIKSI, and Busha, explored the role of crypto exchanges in driving mass adoption across the region. Mathendu highlighted Bitget’s localized strategies, educational efforts, and product accessibility as critical to accelerating crypto literacy and usage in Kenya.

Bitget’s presence at the Kenya Blockchain and Crypto Conference reflects its ongoing dedication to emerging markets and the empowerment of local communities through innovation and knowledge-sharing. Born in a bear market, Bitget insists on putting users first, focusing on product innovation, and advocating long term prospects with the spirit of “earnestness.”

Bitget aims to inspire people to embrace crypto and improve the way they earn, one trade at a time. As Africa continues to grow as a major force in the crypto economy, Bitget remains committed to being a partner in progress for the continent’s digital future.

 

About Bitget

Established in 2018, Bitget is one of the world’s leading cryptocurrency exchange and Web3 company.

Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

 

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

 

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

 

 

 

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A new report by Artemis sheds light on the usage of stablecoins in real-world payments, revealing several unexpected trends.

The findings are based on a survey of 31 companies that facilitate mainstream stablecoin transactions. While Artemis estimates that annual sanitized stablecoin payments amount to around $26 trillion – primarily tied to crypto trading – the surveyed companies processed real-world payments at an annualized rate of $72 billion as of February 2025.

Some results aligned with expectations. Business-to-business (B2B) transactions made up half of the $6 billion in real-world stablecoin payments during February, marking a 288% jump from the $772 million recorded a year earlier. On average, B2B payments on Ethereum and TRON blockchains were quite large, with transaction sizes averaging $219,000.

In contrast, networks like Polygon recorded average payments of less than $10,000.

Unsurprisingly, Tether’s $USDT outpaced $USDC in real-world payment volume. However, its dominance – accounting for 90% of such payments in January and 86% in February – was greater than expected, especially considering its market cap is only about 71% of USDC’s. That said, Tether has historically exhibited higher transaction velocity.

In the last 24 hours alone (as of this writing), the volume of Tether payments represented 26.6% of its market cap, compared to 10.8% for USDC. While this makes sense in the context of crypto trading, the trend appears to hold for real-world payments too.

 

TRON Emerges as the Leading Blockchain for Stablecoin Payments

Perhaps the most surprising finding was TRON’s overwhelming lead in processing real-world stablecoin payments.

While a 2023 Brevan Howard Digital report already highlighted TRON’s dominance in emerging markets across Africa, Asia, and Latin America, its extensive use for payments originating in the U.S. and Europe was unexpected. Despite skepticism from U.S. users – frequently seen on platforms like Reddit – TRON remains widely used, including for Western-origin payments.

STABLECOINS | Over 1/2 of the Total $USDT Circulation and a 1/3 of the Total Stablecoin Supply is on #TRON Network

TRON is looking to introduce an end-to-end USDT.trx via @Stablecoin support across payment routes and integrate direct fiat conversionshttps://t.co/qjXk6D3Orq pic.twitter.com/5Tex93eyLP

— BitKE (@BitcoinKE) May 26, 2025

This usage pattern suggests that the destination of a payment, not just its origin, heavily influences the choice of blockchain.

For instance, if a payment from the U.S. or Europe is destined for a market that prefers TRON, that preference can determine the blockchain used across the whole payment corridor. A notable example is the Singapore-China corridor. Despite Ethereum making up over 60% of usage in Singapore, TRON’s more than 90% share in China likely drives blockchain choice for cross-border flows.

TRON initially rose to popularity for its low costs and high scalability. However, fees have increased over time. Today, TRON transactions are significantly more expensive than those on other major blockchains, many of which still charge just cents. That said, users can reduce costs by staking TRON tokens to earn gas (energy), which helps offset transaction fees.

Ethereum ranked as the second most used blockchain in the study and held particular strength in Nigeria, where it was the dominant choice. It also accounted for the majority of usage in countries such as Kenya, Uganda, South Africa, as well as Peru and Argentina.

This is an interesting read https://t.co/EqIKNl03wI

Ethereum Remains the Most Popular Blockchain Among Developers in Africa, Says 2024 Crypto Developer Report

— Emmanuel (Anehita) (@anehita_x) December 14, 2024

By contrast, TRON was the clear leader in Brazil, where Ethereum saw minimal adoption.

The Artemis report, produced in collaboration with Castle Island Ventures and Dragonfly, concludes that real-world stablecoin payment trends don’t always align with expectations. Tether’s usage significantly surpasses its market share, and blockchain preferences are shaped more by payment corridors and destination country usage than by where the transaction originates.

 

 

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The Monetary Authority of Singapore (MAS) has announced expanded oversight under the Payment Services Act, now requiring crypto service providers – including custodians and wallet operators – to implement stricter safeguards.

As of June 30 2025, any entity incorporated in Singapore – whether a company, partnership, or individual – that provides digital token services to overseas clients must either:

Obtain a Digital Token Service Provider (DTSP) licence under the Financial Services and Markets (FSM) Act 2022, or

Immediately cease operations involving foreign markets.

This directive leaves no room for interpretation. MAS has stated explicitly that there will be no grace period, no transitional arrangements and no extensions.

Any entity falling within the scope of these new rules must comply or shut down cross-border digital asset activity.

Importantly, these restrictions apply regardless of the scale of overseas business activity.

MAS has refused all requests for a phased implementation stating that this would expose the market to unacceptable risks, particularly financial crime.

Violating the June 30 2025 deadline is a criminal offense with up to ~$200,000 and imprisonment for up to three years.

The @MAS_sg has delivered a clear mandate!

ALL entities offering digital token services overseas MUST obtain a licence or halt cross-border operations IMMEDIATELY.

VIOLATING the June 30 2025 deadline is a CRIMINAL OFFENSE with fines of up to ~$ 200K and up to 3 years in jail. pic.twitter.com/DJkM6KK82s

— BitKE (@BitcoinKE) June 24, 2025

Key Provisions:

Mandatory segregation of customer assets to prevent misuse of funds and enhance investor protection.

Expanded licensing regime covering not just domestic but also cross-border transactions and services – regardless of whether the underlying assets or parties reside in Singapore.

Extraterritorial supervision of crypto firms serving Singaporean customers, even if the services are based abroad.

 

The changes, effective April 2024, align with the broader principles outlined in the Financial Services and Markets Act (FSMA) passed in 2022, and aim to address regulatory blind spots that have emerged as the crypto ecosystem rapidly evolves.

“Segregation of customer assets is a critical step in protecting investors. This is part of a broader shift globally, where regulators are closing gaps exposed by events like the FTX collapse,” says Anton Golub, a digital asset regulatory advisor.

FTX Token ( $FTT) Plummets By Over 90% in 7 Days as FTX Files for Bankruptcy

FTX has filed bankruptcy for https://t.co/WZ8ucfX0l5, FTX US, Alameda Research, and about 130 affiliates. At the same time, the CEO, Sam Bankman-Fried is resigning.https://t.co/MuEkUncpgb

— BitKE (@BitcoinKE) November 12, 2022

What is the FSMA, and Why Does It Matter?

The Financial Services and Markets Act 2022 was a landmark legislative move by Singapore to consolidate and enhance its regulatory framework across financial sectors. In the context of crypto, FSMA:

Empowered MAS to oversee digital token services provided from abroad to local users.

Introduced strict anti-money laundering (AML) and counter-terrorism financing (CFT) standards for service providers, even if they are based outside Singapore.

Increased financial penalties and compliance obligations across a wide range of financial activities.

Allowed for more streamlined enforcement by giving MAS broader and more flexible regulatory authority.

In essence, FSMA extended Singapore’s regulatory reach beyond its borders, ensuring that crypto firms targeting Singaporeans – regardless of where they’re based – must comply with local standards.

Here’s a concise summary of the penalties under Singapore’s Financial Services and Markets Act (FSMA) 2022:

FSMA Non-Compliance Penalties:

) Unlicensed Crypto Services (Including Offshore Firms)

Fines up to SGD 1 million

Daily fines up to SGD 100,000

Up to 10 years imprisonment

) AML/CFT Violations

Fines up to SGD 1 million per breach

Possible license revocation and criminal charges

) False or Misleading Statements to MAS

Fines up to SGD 100,000

Up to 2 years imprisonment

) Failure to Segregate Customer Assets

License suspension, fines, and public reprimand

Customers may sue for compensation

) Broad MAS Enforcement Powers

Authority to search, seize, suspend licenses, and issue prohibition orders

[TECH] CEO of FTX Crypto Exchange, Sam Bankman-Fried, Sentenced to 25 Years in Prison: Sam Bankman-Fried, the Co-Founder and former CEO of crypto exchange, FTX, and trading firm, Alameda Research, was senten.. https://t.co/BmtGBy8Tz6 via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) March 29, 2024

A Global Regulatory Realignment

Singapore’s move is not an isolated case.

Across the globe, jurisdictions are tightening supervision of virtual asset service providers (VASPs) and closing the loopholes that once allowed high-risk behavior to go unchecked.

In the European Union, the Markets in Crypto-Assets (MiCA) regulation will soon come into full effect, mandating strict consumer protection standards, capital requirements, and transparency obligations.

Hong Kong’s VASP licensing regime now requires firms to prove robust risk controls and comply with FATF guidelines.

UAE’s VARA is pushing for asset segregation and enhanced disclosure standards.

Similarly, other jurisdictions are rolling out or refining VASP licensing regimes, often with a strong emphasis on custody protections and cross-border enforceability.

REGULATION | Financial Action Task Force (FATF) Urges Countries to Develop Regulatory Frameworks for Rapidly Growing Virtual Assets

“The findings of the 2023 Targeted Update report, mutual evaluation and follow-up report results indicate that prohibiting VASPs effectively is… pic.twitter.com/ybYWoSYFhM

— BitKE (@BitcoinKE) July 12, 2024

This reflects a broader trend:

Protecting retail investors Encouraging compliant innovation Preventing systemic risks across borders

The era of unregulated crypto experimentation is coming to an end. As the space matures, regulatory convergence is accelerating, creating a more stable environment for institutions, developers, and users alike.

REGULATION | South Africa Adopts the Crypto-Asset Reporting Framework (CARF) Global Standard to Crack Down on Crypto Money Laundering

The framework initially received approval in March 2023 with the 48 countries that embraced this standard recently setting a deadline of 2027… pic.twitter.com/v2sscxJloh

— BitKE (@BitcoinKE) November 16, 2023

 

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Luno, the cryptocurrency exchange with South African roots, has officially relaunched in Kenya, marking a key milestone in its continued expansion across the continent.

According to a press release by Luno shared with BitKE, the re-launch provides Kenyan users with a simple, secure, and fully regulated way to buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, USDT, and others.

Luno initially entered the Kenyan market in 2013 under the name BitX. With over 12 years of experience and active operations in more than 40 countries, Luno says the platform returns to Kenya with a strong emphasis on user safety, service reliability, and regulatory alignment.

The platform now allows Kenyans to instantly buy and sell cryptocurrencies with zero commission. Users can trade directly in Kenyan Shillings (KES), with available trading pairs including:

BTC/KES

ETH/KES

USDT/KES, and

USDC/KES

Global trading pairs such as BTC/USDT are also supported, allowing users to take advantage of both local and international arbitrage opportunities.

In addition, Luno offers referral rewards for users who bring others on board and stay active.

 

“We’re thrilled to officially relaunch in Kenya, delivering a comprehensive suite of crypto trading tools designed for both retail and institutional users,” said Apollo Sande, Country Manager, Luno Kenya.

“Our focus is on making crypto accessible, transparent, and trustworthy by equipping users with the tools, education, and support they need to make smart investment choices.”

Sande further emphasized:

“Kenya remains one of Africa’s most vibrant crypto markets, driven by a tech-savvy and informed population. Our platform is built to provide a safe, easy, and trustworthy experience for every user.”

48% of Crypto Holders in Kenya, Nigeria, South Africa Invest to Pay for Education, Reveals Latest Luno Report: https://t.co/DqI0FOKniq @LunoGlobal

— BitKE (@BitcoinKE) October 4, 2021

Luno has engaged regulators and key stakeholders throughout its journey, contributing to the evolution of Kenya’s crypto regulatory and taxation landscape. With a global user base of over 15 million, Luno says it has been built with institutional-grade security and has never experienced a breach since its inception.

 

Supporting Kenya’s Digital Finance Agenda

The platform’s return coincides with Kenya’s move to finalize its digital asset regulatory framework.

[TECH] REGULATION | The Kenya Virtual Assets Providers Bill 2025 Gets Gazetted Ready for Discussion in Parliament: Kenya’s proposed Virtual Assets Bill seeks to regulate the crypto space by requiring all fir.. https://t.co/Clpp8tlNx3 via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) April 9, 2025

As reported by BitKE in 2024, Luno was the first dedicated crypto service to receive the South African Financial Services Provider (FSP) license from the Financial Services Conduct Authority (FSCA) under the classification of crypto assets as financial products by the Financial Advisory and Intermediary Services Act of 2002 (FAIS).

MILESTONE | #Luno Becomes the First Dedicated Crypto Service to Receive the South African Financial Services Provider License https://t.co/n3wc3sxBbO

— Cryptolid.io (@Cryptolid_io) April 13, 2024

Luno is actively collaborating with both industry peers and government institutions to promote safe and sustainable crypto adoption. This includes addressing risks posed by peer-to-peer (P2P) platforms, such as:

Fraud

Transaction delays

Regulatory gaps, and

Lack of accountability

To boost user trust, Luno says it releases monthly Proof-of-Reserves reports – verified by independent auditors – to demonstrate that all customer assets are backed 1:1 at all times.

Scams Are on the Rise and Make Up 95% of All Crypto Crimes in Africa, Says Latest Luno Report https://t.co/dVZfAZ81MJ @LunoGlobal

— BitKE (@BitcoinKE) February 2, 2022

The platform also claims to support institutional users such as:

Market makers

Asset managers, and

Regulated entities

through tailored trading infrastructure.

 

The Luno app is now available in Kenya on iOS, Android, and through the web.

 

 

 

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_________________________________________

The African Development Bank Group (AfDB) has wrapped up a high-level workshop in Bangui, Central African Republic (CAR), aimed at building national capacity to combat illicit financial flows (IFFs) and tighten governance around resource-backed loans – a financing tool increasingly used across Africa but fraught with risk.

Held from June 10–13 2025, under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” the event convened 80 key stakeholders across government ministries, civil society, and the private sector. The initiative was led by the Bank’s African Development Institute (ADI) and Natural Resources Management and Investment Centre (ECNR) under the GONAT programme, which targets better natural resource governance in fragile states.

 

Why It Matters

Illicit financial flows cost Africa an estimated $88 billion annually, draining resources that could fund roads, healthcare, education, and innovation. For CAR – a country rich in gold, diamonds, and uranium but plagued by instability and weak institutions – the stakes are especially high.

“Without enhanced oversight, institutional capacity, and sound strategic planning, natural resources can become a source of political instability, illicit activities, and unsustainable debt,” said Rufin Benam Beltoungou, Minister of Mines and Geology.

 

In 2023, the CAR introduced a controversial tokenization law which facilitated the establishment of businesses by both citizens and foreigners streamlining the process of obtaining licenses in sectors such s real estate, agriculture, natural resources exploitation, and forestry.

REGULATION | Central African Republic Officially Passes Law to Tokenize Land and Natural Resources –

“The groundbreaking Tokenisation Law, unanimously approved, paves the way for a business-friendly environment.

Entrepreneurs, both local and international, will flourish… pic.twitter.com/ocJQTMYcmV

— BitKE (@BitcoinKE) August 22, 2023

As reported by BitKE, the above legislation came after CAR revealed its intentions to tokenize its natural resources in 2022 under a master-plan dubbed ‘Project Sango’ which also came with its own cryptocurrency, the SANGO COIN.

@SeanIntiomale here’s an amazing example of what can be done in the #DRC and what we’re after as well with @AxalioRDC ~ Central African Republic (CAR) to Tokenize Minerals and Natural Resources, Says President https://t.co/FCM3CozxUG via @BitcoinKE

— John Lombela (@JohnLombela) June 9, 2022

Spotlight on Resource-Backed Loans

Panelists expressed concern over the increasing reliance on resource-backed loans (RBLs) – financial instruments collateralized by a country’s natural resources.

 

While useful for funding critical infrastructure, they can become debt traps if not transparently structured and monitored.

“Resource-backed loans can finance hospitals and schools, but repayment terms can be risky when the country lacks proper resource accounting,” noted Médard Goudozoui, a geological engineer.

Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential, African Development Bank President Warns

The continent would pay $74 billion in debt service payments this year [2024] alone, a sharp increase from $17 billion in 2010.… pic.twitter.com/2M7Dy1wP4J

— BitKE (@BitcoinKE) April 24, 2024

The sessions equipped participants with tools to trace and address IFFs, including:

The Partner Country Method for trade misinvoicing

Use of indices like the Financial Secrecy Index and Corruption Perceptions Index

Techniques to detect under- or over-valuation of exports, especially in the gold and diamond sectors

Kenyan investigators on high alert amidst escalating crypto crime!

With rising crypto scams, the @DCI_Kenya together with @EACCKenya, are stepping up.

Here’s why it matters: https://t.co/AHJRhrKbND @CMAKenya @CBKKenya #CryptoCrime #Kenya #CryptoRegulation pic.twitter.com/2WHmTE9z5v

— BitKE (@BitcoinKE) June 16, 2025

Gender and Governance

The workshop also emphasized inclusive governance, with the GONAT initiative aiming for at least 40% female participation.

“Women are central to affected communities. Their involvement enhances transparency, fairness, and social cohesion,” said Alexia Molotouala, Head of Division, Kimberley Process Secretariat.

“Sustainable change is only possible when women and local communities shape policy,” added Mamady Souaré, AfDB Country Manager for CAR.

Dr. Eric Ogunleye, Director of the African Development Institute, said the tools introduced would help CAR establish better control over its resource flows and borrowing decisions.

The Bank of Central African States (BEAC) Says it Will ‘Oversee the Crypto Project’ by Central African Republic (CAR)

BEAC is the issuer of CFA Franc which is the main currency in 7 French-speaking countries:

https://t.co/AJkdvHeBaw pic.twitter.com/PidmMHwPfL

— BitKE (@BitcoinKE) August 10, 2022

 

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_________________________________________

The future of crypto trading is unfolding before our eyes – and it’s happening on-chain.

Coinbase, Binance, and Bybit – three of the world’s largest centralized exchanges (CEXs) – are no longer simply watching DeFi from the sidelines. They’re entering the arena with serious intent, building on-chain infrastructure, and competing for liquidity in a market where decentralization is becoming the default.

But this isn’t just experimentation. It’s a response to something deeper happening in the crypto economy: the center of gravity is shifting. On-chain is no longer a playground for degens – it’s becoming the base layer for the Internet Capital Market.

 

_______________________

TL;DR:

Coinbase, Binance, and Bybit are rolling out major on-chain features.

Hyperliquid and other DeFi-native venues are stealing market share through better execution and deeper liquidity.

CEXes are adapting, not dying—they’re becoming infrastructure players in the on-chain economy.

For builders and traders, the on-chain shift is no longer optional—it’s the future.

_______________________

 

The CEX-On-Chain Shift

Each major CEX is carving out its place in the on-chain future:

Coinbase has launched DeFi routing through its app, letting users access liquidity across protocols directly from the interface they trust. It’s also backing KYC-verified DeFi pools, enabling institutional capital to enter permissioned DeFi ecosystems – effectively blending regulatory compliance with on-chain composability.

#Coinbase’s millions of users will soon be able to trade directly on decentralized platforms like @AerodromeFi.

This will not just bring millions of new users to @buildonbase #DeFi, but will give @coinbase customers access to any token that trades on #Base. @jessepollak pic.twitter.com/xaZFdklTZu

— BitKE (@BitcoinKE) June 15, 2025

Binance introduced the “Alpha Zone”, a curated token discovery layer offering pre-spot listing access across Ethereum, Solana, and BNB Chain. Think of it as a decentralized testnet for token relevance, allowing users to engage with early-stage assets while Binance collects data and volume before they ever go mainstream.

LISTING | @binance Launches Community Votes for Token Listings and Delistings

Through its new Community Co-Governance Mechanism, users are now able to vote on select tokens’ fates – both new listings and potential removals.https://t.co/VhTEGAOYd6 pic.twitter.com/1DojLidUA6

— BitKE (@BitcoinKE) April 9, 2025

Bybit has combined RFQ (Request for Quote) pricing with CLMMs (Concentrated Liquidity Market Makers) on Solana. This hybrid model offers CEX-grade trade execution on-chain, plus sticky vaults that incentivize capital to stay parked—pushing capital efficiency up and friction down.

 

Why Now?

Two words: Hyperliquid volumes.

Protocols like HyperliquidX – a fully on-chain perpetuals DEX – are no longer just “alternatives” to Binance or Bybit. They’re taking real market share. On some days, they even surpass major CEXs in volume for specific markets.

TOKEN ANALYSIS | @HyperliquidX Token ( $HYPE ) Hits New All-Time High Amid CFTC Boost for Perpetual Futures

Hyperliquid L1’s Total Value Locked (TVL) also hit a new high of $1.33 billion, ranking it among the top 10 blockchains by #DeFi TVLhttps://t.co/YbyuqreUQt pic.twitter.com/WulY6WJfRJ

— BitKE (@BitcoinKE) May 24, 2025

This isn’t a blip. It’s a structural shift in how liquidity forms, how markets price assets, and where traders go for the best execution.

 

Price discovery is migrating on-chain.

 

And CEXs can’t afford to miss it.

They’re no longer the gatekeepers – they’re becoming bridges.

 

What This Means for Builders and Traders

The implications are clear:

For builders: If your protocol isn’t on-chain – or isn’t composable within the emerging on-chain liquidity web – it risks irrelevance. As the market moves to trustless infrastructure, surface area for integrations will define survival.

For traders: The best execution, deepest liquidity, and fastest market reflexes are increasingly found on-chain. Being CEX-native alone is no longer enough.

 

We’re witnessing the collapse of CeFi walls from the inside. Centralized exchanges aren’t being disrupted – they’re transforming. The distinction between DeFi and CeFi is blurring, fast.

 

 

 

Stay tuned to BitKE for deeper insights into the global crypto space.

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___________________________________________

 

By Blessing Mene

 

Across Africa, agritech is faltering – not with a bang, but with silence. And yet, amid the pitch decks, panel discussions, and rising user numbers, few in the ecosystem are sounding the alarm.

But we need to.

The truth is: African agritech is copying fintech models, chasing vanity metrics, and building impressive technology that farmers barely use. This isn’t just a funding concern – it’s a fundamental business model crisis.

 

1.) Agritech Is Not Fintech – And That’s Okay

Fintech thrives on volume. Millions of microtransactions mean even a 0.5% transaction fee can generate significant revenue.

Agritech? Not the same.

An agrifinancing platform might process 3,000 transactions in a month, and a commodity aggregator may close 15 large contracts over the same period. Copy-pasting fintech’s pricing model simply doesn’t work. Agritech success is margin-driven, not volume-driven.

We must stop pretending. Pricing should reflect value delivered, not mimic app-based platforms with daily user interactions.

Ironically, Coca-Cola remains one of Africa’s most profitable agri-distribution models. They don’t grow crops – but they move sugar-based products with unmatched efficiency. Agritechs would do well to borrow that playbook: logistics, branding, smart pricing, and mass distribution.

How Opera’s @minipay is Serving as a Distribution Channel for African Blockchain Startups – https://t.co/IQ5wwFBx5e

— Africa Tech Summit – Accra 24-25th Sep (@AfricaTechSMT) April 14, 2025

2.) User Numbers Are Up – But Revenues Are Missing

Every week, startups tout big user bases:

“100,000 farmers onboarded.” “500,000 downloads.”

 

But if each user paid just $10 per month, that should equate to millions in revenue. So where is it?

The answer: many of those users aren’t paying customers. They were onboarded through donor subsidies, free pilots, or simply represent dormant accounts.

Meanwhile, real-world agri-businesses – cassava processors in Ogun, feed millers in Accra – may have just 80 customers. But they operate profitably. They focus on unit economics, inventory turnover, and cash flow — not vanity dashboards.

If your platform claims impact, your books should show income. Otherwise, it’s not a business. It’s a grant project.

FUNDING | Human Rights Foundation Grants 1 Billion Satoshis (10 $BTC) to Support 23 Global #Bitcoin Projects – 4 Are African Projects

Spanning Latin America, Africa, and Asia, the latest cohort of recipients includes initiatives that build tools, foster education, and expand… pic.twitter.com/N89T2eP2i9

— BitKE (@BitcoinKE) April 4, 2025

3.) We’re Building Tech That No One Uses

We’ve become obsessed with building: AI dashboards. IoT tools. Mobile apps.

But ask farmers, and they’ll tell you what matters:

Fertilizer that arrives on time

Buyers who actually pay

Working capital that’s fair

A human being to call when things go wrong

These aren’t novel problems – they’re the essential ones. And if the solutions we’re building aren’t addressing them, then we’re not solving for the user. We’re building for the funder.

Until we return to real problems, real unit economics, and real value creation, the sector will continue to quietly collapse — no matter how many farmers are “onboarded.”

[TECH] Kenya’s Blockchain-based Agritech Startup, FarmShine, Raises $250, 000 in Funding: FarmShine, a Kenyan Agritech startup that connects farmers with information and suppliers, has raised $250, 000 (KE.. https://t.co/GYK3WYEnz1 via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) December 6, 2019

 

Edited by BitKE. The original post was published here.

 

 

 

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_________________________________________

The Nigerian Securities and Exchange Commission (SEC Nigeria) has issued a strong warning to the public against engaging with CMTrading, a cryptocurrency trading platform allegedly operating illegally in Nigeria.

According to SEC Nigeria, CMTrading is neither registered nor regulated by the Commission, making its operations within the country unauthorized and potentially dangerous to investors.

 

In a public notice dated June 21, 2025, the Commission stated:

“The attention of the Securities and Exchange Commission (‘the Commission’) has been drawn to the activities of CMTrading, an online trading platform that claims to offer a wide range of financial services including Forex and CFDs trading on commodities, indices, and cryptocurrencies.

The commission herey informs the public that the CMTRADING is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market.”

 

The platform also claims to be licensed as GCMT South Africa PTY Ltd by the Financial Sector Conduct Authority (FSCA) of South Africa and as a securities dealer by the Financial Services Authority (FSA) of Seychelles.

According to SEC Nigeria, the platform uses cloned websites of reputable media houses to attract unsuspecting victims. It also posts cloned videos and pictures of prominent Nigerians on social media, promising monetary benefits to subscribers.

The platform allegedly used misleading content and media to create a false impression of credibility and compliance, with SEC Nigeria confirming that all such claims are false.

The SEC emphasized that any individual or organization that deals with CMTrading does so at their own risk, as the firm is not licensed to operate in the Nigerian capital market.

The Commission reiterated its mandate to protect investors and warned Nigerians to always verify the regulatory status of any investment platform before participating.

This warning is part of SEC’s ongoing efforts to clamp down on illegal investment schemes and protect the public from financial fraud, particularly in the fast-growing but often risky digital asset space.

REGULATION | @officialEFCC Releases List of 8 Nigerians and Kenyans Alleged to Be Behind CBEX Fraud

The platform has attracted users from various countries, including Kenya and Egypt. In Kenya, individuals complained of losing fundshttps://t.co/26kVa9blHG @DCI_Kenya pic.twitter.com/sNquFMaB4s

— BitKE (@BitcoinKE) April 28, 2025

Following the lifting of Nigeria’s crypto ban by the Central Bank in December 2023, the SEC has stepped up its oversight of digital assets, particularly under its new framework for Virtual Asset Service Providers (VASPs). The regulator now requires all promoters of crypto-related products to register under its digital asset rules, or face enforcement action.

 

“Anyone who engages with the entity or its representatives does so at his/her own risk,” the SEC reiterated.

REGULATION | Influencers in Nigeria Must Promote Only Licensed Crypto Firms, Says Revised @SECNigeria Regulations

Failure to comply could result in a fine of N10 million Naira (~$6,500) and a prison sentence of up to 3 years.https://t.co/KOQb0JUu1Q pic.twitter.com/bjRRBivvRl

— BitKE (@BitcoinKE) December 23, 2024

This is not the first time Nigeria’s SEC has moved to protect retail investors from crypto schemes. Since 2021, the Commission has repeatedly warned the public against engaging with platforms and projects that:

Lack registration or licensing in Nigeria;

Offer unrealistic investment returns; or

Promote anonymous, high-risk digital tokens without clear disclosures.

REGULATION | Nigerian Regulator, @SECNigeria, Once Again Warns Public Against Unauthorized Digital Asset Platforms

The SEC urged prospective investors confirm the registration status of financial institutions via its official database below:https://t.co/p4pX1x7c76 pic.twitter.com/ZNVqhDmGyJ

— BitKE (@BitcoinKE) April 26, 2025

The Commission strongly advises the Nigerian public to:

Avoid participating in the ongoing presale of Punisher Coin;

Verify the registration status of any crypto promoter or project using the SEC’s dedicated portal;

Be skeptical of operations promise unusually high returns and heavily rely on a referral system to sustain pay-outs and  with desperate requests for subscribers to fund accounts.

The SEC Nigeria’s firm stance is part of a broader effort to build a safer, more transparent capital market, as Nigeria grapples with balancing fintech innovation and consumer protection.

With an estimated over 33 million crypto users as of 2024, Nigeria remains one of the largest crypto markets globally – but one where regulation is still evolving.

The SEC’s approach suggests a clear red line: unregistered projects promoting speculative assets will not be tolerated.

REGULATION | ‘We Will Not Allow Unlicensed Crypto Businesses to Operate Within Our Space,’ Warns SEC Nigeria

The announcement follows the recent move on August 29 2024 by the SEC to grant two digital asset exchanges ‘Approval-in-Principle’ to begin operations under the… pic.twitter.com/bUJQbfYqv2

— BitKE (@BitcoinKE) September 12, 2024

 

 

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_________________________________________

The Kenya Bankers Association (KBA) is now exploring tokenized collateral frameworks, according to a recent op-ed by Frank Mwiti, the CEO of the Nairobi Securities Exchange (NSE).

This revelation marks a significant step forward in the modernization of Kenya’s banking sector and aligning with the growing trend of blockchain adoption in financial markets.

As the umbrella body for commercial banks in Kenya, KBA’s interest in tokenization underscores its commitment to leveraging emerging technologies to improve lending, investment, and capital efficiency. The use of tokenized collateral – the digital representation of traditional assets such as real estate or securities on a blockchain – is being examined for its potential to:

Streamline loan processing

Reduce friction in asset transfers, and

Improve transparency.

This initiative places KBA alongside other major institutions embracing tokenization.

South African Financial Regulators Launch Project Khokha 2 to Issue, Clear, and Settle Tokenized Debentures: https://t.co/zrpYb8yqwd @FintechHubSA #IFWG

— BitKE (@BitcoinKE) February 11, 2021

Notably, the Nairobi Securities Exchange (NSE) recently partnered with Hedera Hashgraph and DeFi Technologies to explore the issuance of security tokens on a regulated platform. That partnership aims to make it easier to tokenize and trade Kenyan securities, opening up capital markets to more investors, including those from the diaspora.

TOKENIZATION | Nairobi Securities Exchange (NSE) Joins #Hedera Network Council to Accelerate Tokenization of Real World Assets

The NSE joins other Council members in running a node on the Hedera with governing powershttps://t.co/T8px1qzKw8 @NSE_PLC @hedera @InsideHedera pic.twitter.com/sYDz9nbEZv

— BitKE (@BitcoinKE) October 31, 2024

Both KBA and NSE’s moves reflect a broader trend in Kenya’s financial ecosystem – a shift towards digital infrastructure that supports blockchain-enabled financial products. For the banking sector, tokenized collateral could allow faster settlement of secured loans, unlock new lending models, and lower barriers for participation in the formal credit market.

 

What is Tokenized Collateral?

From a banking perspective, tokenized collateral refers to the digital representation of traditional collateral assets (like property, vehicles, stocks, or fixed deposits) on a blockchain or distributed ledger – turning them into “tokens” that can be easily tracked, verified, and transferred.

Here’s a breakdown of what it means in practice:

 

Collateral in Traditional Banking

In conventional lending, borrowers must pledge assets (like land titles or vehicles) to secure loans. These assets serve as collateral that the bank can seize if the borrower defaults.

This process is often:

Paper-based and slow

Costly to verify and process

Prone to fraud or unclear ownership

Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential, African Development Bank President Warns

The continent would pay $74 billion in debt service payments this year [2024] alone, a sharp increase from $17 billion in 2010.… pic.twitter.com/2M7Dy1wP4J

— BitKE (@BitcoinKE) April 24, 2024

What Tokenized Collateral Changes

With tokenization, these physical or financial assets are converted into digital tokens on a blockchain platform. Each token is a secure, programmable representation of an asset – uniquely linked to its real-world counterpart.

For example:

A land title can be tokenized and stored on a blockchain

A vehicle logbook or warehouse receipt can also be digitized as a token

These tokens can then be:

Used as collateral in real-time loan transactions

Automatically verified through smart contracts

Traded or reassigned with greater efficiency

REPORT | McKinsey Reveals About $2 Trillion in Assets Could Be Tokenized By 2030

“Our estimate is exclusive of stablecoins, including tokenized deposits, wholesale stablecoins, and central bank digital currencies (CBDCs) to avoid double counting, as these are often used as the… pic.twitter.com/CyPisrgFym

— BitKE (@BitcoinKE) June 25, 2024

Benefits for Banks

Faster loan processing: Instant verification and tracking of collateral

Lower costs: Less paperwork and manual administration

Greater transparency: Real-time audit trails of pledged assets

Broader access: Can expand collateral options for underbanked populations

Reduced risk: Fewer disputes over ownership or value

BANKING | South African Banking Giant, NedBank, to Launch Pioneering Smart Contract Application in Agriculture

“Our agricultural clients want fast processes. They want frictionless, cost-effective solutions. They embrace technology.” – @Nedbank https://t.co/75XV72HgH2 pic.twitter.com/50vqHFT8H5

— BitKE (@BitcoinKE) April 7, 2025

Potential Use Cases

Digital lending platforms that accept tokenized real estate

Supply chain finance, where goods in transit are tokenized and used for credit

Diaspora finance, where assets in Kenya are tokenized and pledged remotely

TradeMark East Africa Set to Launch a Blockchain-Based Digital Trade Corridor Supply Chain System Between UK and Kenya: https://t.co/1FX8n2IX6m @TradeMarkEastA

— BitKE (@BitcoinKE) September 27, 2021

Challenges

Regulatory uncertainty around tokenized assets

Need for trusted asset verification and token issuance

Integration with existing banking systems

[TECH] EDITORIAL | In Crypto We Trust? Why Credibility Is the Real Currency (or Token) in the Age of Decentralization: The crypto industry was built on the ideals of trustless systems and decentralized proto.. https://t.co/qzhS314cyM via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) June 22, 2025

In summary, tokenized collateral allows banks to use blockchain to make lending faster, safer, and more inclusive – especially in economies like Kenya’s where trust, documentation, and access remain key barriers.

 

While these efforts remain in the exploratory phase, they are being closely watched by key stakeholders including regulators, financial institutions, and technology partners. If successful, they could set the stage for more inclusive and efficient financial services powered by blockchain.

 

 

 

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_________________________________________