Week in Crypto: Top African Blockchain News (Feb 17 – Feb 23, 2025)

Feb 23, 2025

Top Headlines

Nigeria Amending Digital Asset Rules to Tax Cryptocurrency Deals – Nigeria is amending regulations to allow cryptocurrency trading and digitized transactions to be taxed as it seeks to boost revenue. Source: Bloomberg.

2. Altvest Becomes First Publicly-Listed Firm in Africa to Add Bitcoin to Treasury Reserves–Altvest considers Bitcoin the sole digital asset that aligns with its stringent investment standards for long-term treasury holdings. Source: Bitke.

3. Nigeria Sues Binance for $81.5 Billion in Economic Losses and Unpaid Taxes – Nigeria’s Federal Inland Revenue Service (FIRS) is suing Binance, accusing the exchange of unpaid taxes and causing $81.5 billion in economic losses. Source: Tawk Crypto.

4. Tether Partners with the Republic of Guinea to Drive Africa’s Digital Transformation –.Tether has signed its first African government partnership through an MoU with the Republic of Guinea, marking a major step in the region’s digital economy. Source: Tawk Crypto.

Market Update

As of Feb 23, 2025:

Bitcoin (BTC): $96,564.15 (+0.43%)
Ethereum (ETH): $2,826 (+3.03%)

Top Gainers:

Scotcoin (SCOT): $12.88 (+430.4%)
Undeads Games (UDS): $0.4514 (+336.6%)

Top Losers:

Raydium (RAY): $2.30 (-71%)
TRUMP Token: $13 (-53%)

The market shows a bullish trend with significant gains in major cryptocurrencies.

Biggest Stories of the Week

Nigeria Amending Digital Asset Rules to Tax Cryptocurrency Deals
Nigeria plans to amend its tax laws to include digital assets, with the SEC pushing for legislation by March to bring transactions on regulated exchanges under formal taxation. With only two exchanges approved and four others in incubation, the SEC expects significant revenue but has not disclosed specific targets. As the country tightens regulations, it aims to shift traders from offshore platforms to licensed local exchanges for better investor protection.

Nigeria Sues Binance for $81.5 Billion in Economic Losses and Unpaid Taxes
Nigeria’s Federal Inland Revenue Service (FIRS) has sued Binance, accusing the exchange of causing $81.5 billion in economic losses and evading taxes for 2022 and 2023, demanding penalties and interest on unpaid amounts. The lawsuit is part of Nigeria’s broader crackdown on crypto platforms, with authorities alleging Binance facilitated money laundering and contributed to the Naira’s instability. While Binance denies the claims and has halted Naira transactions, the case could set a precedent for crypto taxation and regulation in emerging markets.

Tether Partners with the Republic of Guinea to Drive Africa’s Digital Transformation

Tether has signed a landmark MoU with the Republic of Guinea, marking its first government partnership in Africa to explore blockchain’s role in economic growth and innovation. This collaboration aligns with Guinea’s “Innovation City” initiative, focusing on digital literacy, peer-to-peer technology adoption, and fostering a competitive digital economy. By integrating blockchain solutions across public and private sectors, the partnership aims to position Guinea as a leader in African technological advancement.

Expert Take

Altvest on Becoming the First Publicly-Listed Firm in Africa to Add Bitcoin to Treasury Reserves :
“This initiative is focused on preserving shareholder value, mitigating currency depreciation risks and gaining exposure to a globally recognized store of value.”

Startup Funding

MANSA Raises $10M in Seed Funding from Tether Following 37% MoM Growth Over Six Months, Driven by USDT Adoption in Africa

Upcoming Events

BitDevs Nairobi Meetup: Feb 22, 2025, in Nairobi, Kenya. Register Here

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