Nigeria has indeed made significant progress in crypto regulation in 2024, navigating a complex landscape marked by differing views from the SEC and the Central Bank. The initial tough stance on crypto faced challenges due to inflation, leading to a cautious approach that stopped short of an outright ban. The licensing of Quidax and Busha signifies a momentous step forward, combined with upcoming tax regulations that promise clarity for cryptocurrencies in the financial ecosystem.
South Africa is leading in transparency and effective licensing of crypto entities, with over 240 licensed companies. This year, the approval of the FAIS Act and the actions taken by the South African Revenue Service underline a robust regulatory environment and increased compliance expectations. It's notable that only a fraction of applications were rejected, showcasing the country's commitment to fostering growth while ensuring regulatory oversight.
Mauritius has positioned itself as the benchmark for crypto regulation in Africa, having adopted the Virtual Assets and Initial Token Offering Services (VAITOS) legislation in 2022. This proactive approach ensures that it adheres to all recommendations from the Financial Action Task Force (FATF). This compliance enhances its appeal for international businesses and investors looking for a stable and regulated environment.
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