Crypto Africa Report: Taxation, New Crypto ATMs, and Increasing Interest

In the first of our periodic Crypto Africa Reports, YouHash take a look at the latest stories unfolding in one of the fastest-growing crypto continents.

Virtual Crypto Expands Into Africa

Israeli fintech company Virtual Crypto has signed an exclusive distribution agreement with an African partner to sell its range of point-of-sale systems along with cryptocurrency ATMs throughout the continent.

Alon Dayan, CEO of Virtual Crypto said: “…we believe the advantages will be even greater in locations, such as the developing countries within Southern Africa, where local economies experience volatility.”

SA Tax Authorities Have Crypto Traders in Their Sights

The South African Revenue Service is now actively seeking to identify cryptocurrency traders in order to ensure that they are paying taxes on cryptocurrency gains.  According to Mark Kingon from SARS, “the key thing is identifying people who are trading because it’s easy to cryptocurrency gains must be deductible, but there are also those that lose.  That’s why it’s better to identify the trader.”

23% of ‘High-Tech ‘ South Africans Own Cryptocurrency

In a study conducted by MBIT it was revealed that close to one-quarter of South Africans who are considered to be ‘high-tech consumers’ are invested in cryptocurrencies.  South Africans have the highest levels of interest in bitcoin in the world, according to Google trends data – a finding that bodes well for the continued adoption of virtual currencies both locally and across the continent.

Ghanaian Company to Develop Blockchain Based Mobile Payments Solution

Mazzuma, with 26,000 accounts to date and already processing over GHC 7,5-m ($1,5-m) in transactions, has entered the third phase of its ICO which aims to use a digital token to allow for instant payments.  The token which is known as MAZ, will allow for transactions on the platform that are both instant and free of any transaction fees.  Long-term plans are to replace mobile money with digital currencies.

Kenyan Company Receives $140,000 in Funding from Æternity

Ride Safe, a Kenyan startup that aims to provide health solutions to riders of ‘boda bodas’.  These basic motorcycles are the simplest way for many Kenyans to travel – albeit it in an industry that is unregulated and risky for both riders and commuters.  According to Asiimwe Benson, the CEO of RideSafe, the funding will be utilized to serve riders nationally through building capacity and creating secure technical support.