This week, in Africa crypto news, Circle, the issuer of USDC, is backing a fund and has seeded $20M to accelerate the growth of blockchain startups on the continent. Circle is a big player in crypto and a public company. CIRCL stock has been under increasing pressure as the stablecoin scene heats up.
(Source: CIRCL, TradingView)
Meanwhile, in South Africa, the government is adopting new laws to enable smooth crypto taxation. The government seeks to comply with CARF standards, touching on international crypto tax disclosure. South Africa is crypto-receptive and has been warming up to crypto with supportive regulations that foster growth.
In Nigeria, Fintech and crypto startup Kredete has raised $22M to boost its international expansion drive. With crypto finding adoption in Africa, this raise will go a long way in improving financial inclusion, allowing even more users to invest in some of the best meme coin ICOs.
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Let’s look at these stories making continental headlines this week:
Africa Crypto News: Circle Backs A $20M Blockchain Fund To Support Startups
Circle, the issuer of the second-largest USD tracking stablecoin, USDC, is backing a $20M blockchain fund, CV VC, to boost the digital asset space in Africa.
Based in the Cayman Islands, CV VC will target early-stage blockchain startups that facilitate payments and data infrastructure in the region.
Circle recognizes that there is a market for stablecoin-powered utility in the growing digital asset space on the continent.
Gillian Darko, Vice President of Strategy at Yellow Card, said 2025 will be the year of stablecoins.
Since it is about “solving real-world problems,” using stablecoins will help address currency volatility while offering more USD to businesses.
There is cause for such sentiment. Digital current settlements continue to expand on the continent, with stablecoins being a trade pair in millions of transactions.
Investing in payments and fintech startups ensures that stablecoin usage will continue to be high, ultimately benefiting USDC.
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South Africa Crypto News: Government Seeks To Comply with International Tax Laws
The South African government has released draft regulations to comply with the OECD’s Crypto-Asset Reporting Framework (CARF).
These regulations will be released under the country’s existing Tax Administration Act of 2011 and will strengthen alignment with global tax and reporting standards.
The OECD Framework, passed in 2022, aimed to address the risks crypto usage poses to international tax compliance. With this move, South Africa seeks to maintain good standing with global regulators and institutions.
