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Africa Crypto Week in Review: KPMG Urges Nigerian banks to Embrace Blockchain, Lisk Incubation Hub Completes Training Initiative As South Africa Tightens Crypto Exchange Laws
- KPMG advises Nigerian banks to collaborate with crypto firms for mutual benefits in finance and technology innovation.
- Nigeria placed restrictions on Binance users for crypto giveaways, highlighting complexities in crypto regulation.
- Lisk completed a blockchain training initiative for African startups, providing insights for growth and market expansion.
- South Africa's stricter compliance requirements for crypto service providers from April 2025 aim to align with global standards and tackle money laundering.
- Directive 9 in South Africa will enforce the 'travel rule' for transaction details to ensure transparency and due diligence in crypto transfers.
- Luno recommends South Africa reclassify crypto assets as onshore to facilitate institutional investor participation and regulatory clarity.
- Designating crypto assets as onshore would mitigate legal concerns around offshore transfers and provide a clear regulatory framework for crypto service providers.
- These developments reflect the evolving regulatory landscape and the push for collaboration between traditional finance and crypto in various African countries.
- Efforts like the Lisk initiative aim to foster blockchain innovation and empower startups in emerging markets to drive technological advancements.
- The tightening regulations in South Africa demonstrate the country's commitment to combatting financial crimes and ensuring compliance in the crypto space.
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