Africa Crypto Week In Review: Telegram Driving Growth, Coinbase Eyes Kenya as Morocco Reverses Crypto Ban But Will South Africa Win?
This week in Africa Crypto news, the Kenya crypto scene is in Coinbase crosshairs for a new M-PESA deal aimed at supercharging crypto Africa. Morocco crypto policy reversal could see the launch of a new CBDC on the continent.
Africa has not been left behind in the crypto boom. With crypto prices rising, the continent is now a hotspot for crypto innovation and adoption.
This week, key events revolved around adoption, driven by Telegram. At the same time, Coinbase intends to expand its operations into Kenya. Morocco’s regulatory advances in North Africa have recognized crypto after their initial ban.
Africa Crypto News: Telegram Driving Force Behind Crypto Growth on the Continent
Telegram is a popular messaging app. Although there are concerns that the app is used to promote crypto illegalities, a new finding shows otherwise. According to the report, Telegram has, in fact, played a crucial role in transforming and boosting crypto use in the content.
Between January 2023 and August 2024, Telegram onboarded over 3 million users in Africa, most of them under 25 years old. The study also discovered that most users leveraged Telegram to explore DeFi and gaming, such as NotCoin and Hamster Kombat.
The explosion of Telegram users could be due to economic instability and low penetration of banking services. Accordingly, most of them opt for crypto and blockchain solutions. By 2025, over 54 million African users will be crypto holders, using these tokens for commerce and remittance.
Morocco Crypto News: Regulators Warm Up To Crypto – Reverse Ban Amid CBDC Plans
After years of prohibiting crypto use, Morocco made a U-turn this week.
The country is now laying what analysts say is a “groundwork” for a more regulated crypto market. According to reports, the country’s central bank is reviewing a draft law to better manage and regulate crypto transactions.
Also on the cards is a plan to launch a central bank digital currency (CBDC). With clearer regulations, authorities will be able to protect users more easily while promoting crypto innovation.
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Kenya Crypto News: Coinbase May Partner With M-Pesa
Coinbase, one of the world’s largest crypto exchanges, plans to expand to Kenya.
In a recent interview, one of the exchange’s executives, Jesse Pollak, said they would “strengthen” its presence in East Africa by collaborating with the country’s largest telecommunication network, Safaricom.
Through its payments wing, M-Pesa, the exchange will develop initiatives like “Based Africa” to support local developers. Coinbase will also consider creating a Kenyan shilling stablecoin, similar to the USDC, that will be launched on Base, an Ethereum layer-2 backed by the exchange.
With Coinbase in the picture, they will play a big role in streamlining transactions and bridging crypto and TradFi.
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South Africa Crypto News: Complying With Strict FATF Standards
South Africa, a crypto leader in the continent, is intensifying its efforts to drive compliance. In this way, they hope to exit from the dreaded Financial Action Task Force (FATF) gray list.
To do this, regulators in the country will implement “Directive 9”, an initiative that will compel regulated crypto platforms to collect transaction data from users. They hope to effectively curb money laundering and terrorist financing.
This directive will come into force from April 2025.
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