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Huawei is driving digital transformation in Kenya's banking sector by promoting its 'Everything-as-a-Service' model, which includes tailored cloud solutions. With over 70% of Kenyan banks exploring cloud options, the focus is on enhancing operational efficiency while addressing challenges like regulatory compliance and cybersecurity. Experts emphasized the importance of localized services and robust data protection to build trust with customers.
Nigerian startup Dojah is revolutionizing fraud prevention with its all-in-one identity verification solutions, launched in January 2021 by Tobi Ololade and Ayomide Oso. The company offers tools for real-time fraud detection, transaction monitoring, and AML compliance, serving businesses across Nigeria, Ghana, Kenya, and South Africa.With US$1.25 million in pre-seed funding, Dojah has verified 50 million identities and aims to expand its services throughout Africa. Operating on a B2B SaaS model, the startup focuses on scalability and market growth as demand for its solutions increases.
Guy Janssens, head of investment specialists at BNP Paribas Fortis, emphasizes the importance of sustainable investing, having grown a sustainability-focused portfolio from €11 million to €15 billion since 2011. He advocates for green bonds as a critical tool for energy transition and highlights the bank's commitment to reducing fossil fuel support while increasing low-carbon financing. Janssens believes collaboration across the financial sector is essential for driving meaningful change towards sustainability.
Hedera's platform is revolutionizing the tokenization of real-world assets, such as stocks and real estate, through its efficient tools and the native cryptocurrency, HBAR. The Hedera Token Service and Consensus Service ensure secure, scalable, and compliant asset management, with low transaction fees enhancing accessibility for businesses.In 2024, HBAR's market capitalization surged to $12 billion, outpacing notable tokens, despite facing challenges like price corrections. Institutional interest is growing, with potential developments like the HBAR ETF and partnerships aimed at advancing tokenization in various sectors, positioning Hedera for significant future growth.
Kenya is developing a legal framework to regulate cryptocurrency trading, including Bitcoin, to address risks like money laundering and fraud while fostering a structured market for digital assets. The initiative follows a history of restrictions and aims to balance innovation with risk management, reflecting the country's legacy of financial innovation. The Draft National Policy on Virtual Assets will establish clear rules for managing digital assets, protect consumers, and ensure compliance with international financial standards.
Rostin Behnam, chair of the CFTC, will resign on January 20 after advocating for stronger crypto regulations during his tenure, which included a $4.3 billion settlement with Binance. In Russia, authorities are seizing $10 million in Bitcoin from a former official convicted of bribery, while the IMF urges Kenya to update its crypto laws to enhance consumer protection and address financial crime risks. Additionally, New York Attorney General Letitia James has filed a lawsuit to recover over $2 million in stolen cryptocurrencies from a job scam that misled victims into investing under false pretenses.
Kenya is set to establish a regulatory framework for cryptocurrencies, transitioning from cautious warnings to structured governance. The proposed 'National Policy on Virtual Assets and Virtual Asset Service Providers' aims to address issues like money laundering and consumer protection, with public feedback open until January 24. This initiative follows a significant assessment of money laundering risks and positions Kenya alongside other African nations embracing crypto regulation.
Kenya is moving to establish a legal framework for cryptocurrencies, following IMF recommendations for policy overhaul. The National Treasury has initiated public consultations on two key documents: a draft policy on virtual assets and a proposed bill for virtual asset service providers, aiming to regulate the industry and address risks like money laundering. This shift marks a significant change from the 2015 ban on crypto use as legal tender, reflecting the growing interest in digital assets among Kenyans.
Kenya's government is advancing towards the legalization and regulation of cryptocurrency, as outlined in a new draft policy from the National Treasury. The initiative aims to create a robust regulatory framework for digital assets and service providers, fostering innovation and enhancing financial literacy while managing associated risks. This marks a significant shift from the government's previous stance, which discouraged public engagement with cryptocurrencies.
Kenya is set to introduce legislation allowing the use of cryptocurrencies, marking a significant policy shift from previous government opposition due to concerns over money laundering and scams. Treasury Cabinet Secretary John Mbadi emphasized that this move aims to position Kenya as a leader in financial innovation while addressing associated risks through a regulatory framework. The government has already seen substantial revenue from crypto traders, indicating the sector's potential economic impact.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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