BitcoinKE

Dopo quasi due decenni di servizio limitato, il gigante dei pagamenti globale, PayPal, è tornato nell'economia digitale della Nigeria, non con un lancio appariscente e autonomo, ma attraverso una partnership strategica con la fintech locale, Paga, che finalmente sblocca i pagamenti internazionali in entrata per i nigeriani.

Sotto l'integrazione annunciata a gennaio 2026, i nigeriani possono ora collegare i loro conti PayPal direttamente ai portafogli Paga, ricevere pagamenti dalla rete globale di PayPal in oltre 200 mercati e prelevare fondi localmente in Naira per spese, trasferimenti e altre necessità quotidiane.

Il governo nigeriano ha aumentato notevolmente le entrate dai pagamenti digitali, e i regolatori stanno ora estendendo quel regime fiscale ai prelievi di criptovalute, un chiaro segnale che il mercato crypto più grande dell'Africa è saldamente sotto il radar fiscale.

Secondo i dati ufficiali, le entrate dall'imposta sulle trasferte di denaro elettronico (EMTL), una tassa applicata ai trasferimenti digitali qualificati, sono aumentate a circa 276 milioni di dollari nei primi 11 mesi del 2025, rispetto a circa 133 milioni nello stesso periodo del 2024.

Ciò rappresenta un aumento di oltre il 100% anno su anno.

The Capital Markets Authority of Kenya (CMA Kenya) is advancing plans to reduce risks tied to trading in virtual assets by creating a dedicated fund to compensate investors if a licensed virtual-asset dealer fails to fulfil its obligations, underscoring the Kenyan government’s efforts to build the country into a digital finance hub.

CMA Chief Executive Wycliffe Shamiah told The EastAfrican that talks are underway on a compensation mechanism for people who buy and sell virtual assets, separate from the current Investor Compensation Fund (ICF) used for equity investors.

 

Shamiah explained that the existing ICF covers investors when brokers or investment banks go under, but with the growing number of players acting like brokers, especially in the virtual-assets space, there is a need for broader protection.

“A number of discussions are ongoing,” he said, noting that support for virtual-asset companies in case of failure might need a different arrangement than the current ICF.

 

A virtual or digital asset refers to digitally stored content or resources that have value and can be owned, traded or managed, including cryptocurrencies and digital tokens secured on blockchain technology.

In 2025, President William Ruto signed the Virtual Asset Service Providers (VASP) Act 2025 into law establishing a legal framework for regulating cryptocurrencies.

EDITORIAL | Kenya Passes Landmark Crypto Law – Binance and Coinbase Expected to Lead Licensed Entrants

The CMA says compensation mechanisms for equity investors and virtual-asset investors will be separate, because the markets involve different players and products. Details on how the new compensation fund would work, including its funding sources, are still being discussed.

Shamiah noted that while both equity and virtual-asset markets fall under CMA regulation, the two are distinct, and mixing them under one fund may not be appropriate.

Currently, stock investors who lose money due to the failure of a licensed broker are compensated from the ICF, with a maximum payout of KES 200,000 (about $1,550) per investor.

The ICF is funded by interest earned on funds held between subscription closing dates and refunds, transaction levies on share and bond trading through the Nairobi Securities Exchange (NSE), and penalties on operators who break CMA rules.

Shamiah said the compensation limit for equity investors was increased to KES 200,000 from KES 50,000, although there have not been significant market shocks recently. Discussions are also underway on widening the ICF’s coverage.

In November 2025, the CMA revealed it is in talks with major virtual-asset firms, including those dealing in Bitcoin, about listing shares on the NSE as part of efforts to deepen the market.

About four to five virtual-asset companies, mainly from the U.S and UK, have shown strong interest in selling shares to Kenyan investors through the bourse.

Such listings would allow investors to gain exposure to virtual-asset companies in a model similar to exchange-traded funds (ETFs), which let investors trade assets like gold indirectly by owning shares in gold-dealing firms.

‘We Have Received About 5 Virtual Asset Companies Largely from the US and UK Looking to List,’ Says Kenya Capital Markets Regulator

 

 

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In a major milestone for crypto-native payments in Africa, Flutterwave, one of the continent’s largest payments infrastructure platforms, has teamed up with TurnKey to launch secure and verifiable stablecoin balances for merchants and users.

Through this collaboration, Flutterwave is integrating Turnkey’s embedded wallet infrastructure to offer USDC and USDT stablecoin balances alongside traditional fiat balances, enabling faster, cheaper, and always-on cross-border payments across its network.

Stablecoins are increasingly seen as a bridge between traditional finance and digital value especially in markets with volatile local currencies or costly remittance flows. By embedding stablecoin wallets directly into Flutterwave’s platform, businesses and individuals can receive, hold, and transfer value seamlessly without having to manage complex wallet software or private keys.

PRESS RELEASE | Flutterwave Collaborates with Polygon as an Infrastructure Partner for Stablecoin Payments Across Africa

Nkem Abuah, Lead for Remittances & Stablecoin Partnerships at Flutterwave, highlighted this integration as a key step toward making regulated stablecoins part of everyday payments infrastructure across Africa.

“To accelerate business growth in Africa, we must make it safe, easy, and affordable for businesses to accept all forms of regulated payment methods, including stablecoin, from a global customer base.”

 

Turnkey CEO, Bryce Ferguson, noted that powering scalable stablecoin balance infrastructure with verifiable security mechanisms helps ensure more efficient flows of capital with fewer intermediaries, directly putting value into the hands of businesses rather than costly middlemen.

“We share Flutterwave’s belief that stablecoins offer an incredibly efficient way to accelerate payments and put more money directly into the hands of business owners rather than intermediaries.”

FINTECH AFRICA | ‘Stablecoin Adoption Has the Potential to 10x the Volumes We’re Currently Doing,’ Says CEO, Flutterwave

TurnKey: The Infrastructure Powering the New Wallet Generation

Turnkey’s core proposition is building a secure, programmable, and verifiable wallet infrastructure layer that solves some of the most persistent challenges in crypto.

These challenges include:

 

1.) Removing Wallet Complexity

Traditional wallets require users to manage seed phrases and deal with cryptographic key storage – barriers that keep mainstream audiences out. TurnKey eliminates this by enabling embedded wallets that users can access with familiar authentication mechanisms (email, phone, biometrics) without ever exposing seed phrases.

This approach significantly lowers the technical and security friction for both users and developers launching services like payments, trading, or DeFi. Developers can deploy secure non-custodial wallets in weeks, not months, removing infrastructure bottlenecks and accelerating product rollout.

2.) Verifiable Security by Design

A defining feature of TurnKey’s infrastructure is its emphasis on verifiability: every critical operation, from wallet creation to policy evaluation and transaction signing, occurs inside secure enclave environments, producing cryptographic proofs that operations were executed exactly as intended.

This means platforms using TurnKey can independently audit and verify the integrity of their wallet infrastructure without blind trust, addressing one of the key concerns for regulators and enterprise adopters.

3.) Programmability, Scalability, and Automation

In 2025, TurnKey shipped more than a dozen capabilities aimed at real-world use cases: modular embedded wallet kits, multi-chain support, native on-and off-ramp integrations (e.g., Coinbase, MoonPay), policy-driven signing controls, and developer SDKs that accelerate integration.

These tools help teams focusing on payments (like Flutterwave), DeFi apps, mobile exchanges, or autonomous Web3 agents integrate wallet functionality without reinventing infrastructure, letting them focus on UX and core product differentiation.

Turnkey’s rise has been matched by market validation:

In June 2025, the company raised a $30 million Series B round led by Bain Capital Crypto, with participation from Sequoia, Lightspeed Faction, Galaxy, Wintermute, and Variant bringing total funding to over $50 million. The round underscored investor confidence in secure, open infrastructure as the foundation for next-generation crypto applications.

In the same period, TurnKey was named to CNBC’s 2025 World’s Top Fintech Companies list, further validating its role as a core infrastructure provider at the intersection of traditional finance and crypto.

 

Flutterwave’s adoption of TurnKey’s wallet infrastructure reflects a broader trend: crypto primitives like stablecoins are moving from fringe use cases into mainstream financial rails, especially in markets where cross-border payments, remittances, and digital commerce demand speed and efficiency.

By lowering the technical barriers to wallet creation and secure key management, Turnkey is helping companies like Flutterwave and others in payments, trading, DeFi, and AI-driven automation unlock digital asset flows in ways that are compliant, secure, scalable, and user-friendly.

STABLECOINS | Stripe-Owned Nigerian Fintech, PayStack, Introduces Stablecoins as a ‘Major Theme’ Over Its Next Decade

 

 

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I regolatori finanziari del Ghana hanno svelato l'Iniziativa Nazionale di Alfabetizzazione sugli Attivi Virtuali (NaVALI), un programma focalizzato sull'istruzione progettato per integrare il quadro normativo emergente sugli attivi digitali del paese. Il lancio segna una tappa fondamentale nella transizione del Ghana dai mercati crypto informali a un regime strutturato che bilancia innovazione, protezione dei consumatori e integrità finanziaria.

Annunciato su LinkedIn dal Governatore della Banca del Ghana, Dr. Johnson Pandit Asiama, NaVALI mira a fornire ai comuni ghanesi, inclusi educatori, imprese e regolatori, una comprensione pratica e priva di gergo degli attivi virtuali come criptovalute, stablecoin e altri strumenti basati su blockchain.

Quidax, a provisionally-licenced Nigerian crypto startup, has shut down its peer-to-peer (P2P) trading feature just five months after launch, signaling the growing tension between crypto innovation and regulatory enforcement in Africa’s largest economy.

In an emailed notice to customers, Quidax said the decision to discontinue its P2P marketplace, including merchant ads, escrow services, and in-platform chats, was part of a strategic shift toward ‘higher-demand features’ like instant swaps and order-book trading.

Core services such as deposits, withdrawals, and spot trading will continue unaffected.

REPORT | Most Nigerian Crypto Investors Earn Below ~$200 Monthly, Says Nigerian Crypto Exchange, Quidax

Why P2P Was Controversial

P2P trading, where users buy and sell crypto directly with one another, has been a staple of Nigeria’s digital asset economy, often used to on-and off-ramp Naira outside traditional exchange rails. But regulators have increasingly flagged the model as a supervisory challenge.

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has publicly raised concerns about:

Opaque transaction flows

Exchange-rate manipulation, and

The dominance of foreign P2P platforms operating in regulatory grey zones.

This has made formal oversight difficult and heightened investor-protection risks.

REGULATION | Nigeria Sues Binance for $81.5 Billion in Economic Losses and Unpaid Taxes

Quidax’s P2P feature was built to address those concerns by restricting merchant status to verified users subjected to strict KYC, enhanced authentication, and participation requirements. But even this controlled model appears to have sat uneasily within SEC Nigeria’s evolving enforcement posture.

REGULATION | Nigerian National Faces 20-Year Imprisonment for Laundering Stolen Funds via Crypto

Regulatory Backdrop: Sandbox Stalls, Rules Tighten

Quidax is part of SEC Nigeria’s Accelerated Regulatory Incubation Programme (ARIP), a sandbox designed to guide digital-asset firms toward full licencing. The programme was expected to transition participants like Quidax and rival Nigerian exchange, Busha, to full licences by August 2025, but that timeline has stalled as the regulator reassesses its supervisory capacity.

REGULATION | Nigerian Crypto Exchange, Quidax, Receives Provisional Operating License from SEC Nigeria

At the same time, SEC Nigeria has updated capital-requirement thresholds under the Investment and Securities Act, 2025, classifying digital assets as securities and subjecting service providers to the regulator’s capital markets framework. Although detailed rules for P2P platforms haven’t yet been published, standalone intermediaries and multi-service operators now face minimum capital requirements in the hundreds of millions of Naira.

REGULATION | SEC Nigeria Raises Minimum Capital Requirements, Sets Higher Bar for Crypto, Fintech, and Capital Market Operators

Quidax’s decision underscores a broader reality: even when exchanges build P2P systems with strong controls, regulatory uncertainty can outweigh product demand.

In this case, Quidax noted that most users preferred faster, more traditional trading methods, a trend that has likely influenced the product roadmap.

For the Nigerian market, this development may tighten liquidity in informal channels and accelerate migration toward regulated on-and off-ramping options. It also reinforces the SEC’s message that crypto services must fit within the capital markets ecosystem if they are to scale.

As the regulatory framework continues to take shape, operators and users alike will be watching closely to see how other P2P-dependent products evolve.

STATISTICS | ‘Statistics Don’t Lie. Over 33% of Our Population Are Engaged in Digital Assets,’ Confirms SEC Nigeria

 

 

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Le stablecoin stanno diventando sempre più diffuse in Africa come un metodo più veloce ed economico per inviare denaro, con le rimesse ora viste come ‘più importanti degli aiuti’ per molte persone nel continente, secondo l'economista Vera Songwe, ex sottosegretario generale delle Nazioni Unite che ha parlato al World Economic Forum di Davos, in Svizzera.

MILESTONE | Le rimesse della diaspora keniota raggiungono il traguardo storico di KES 1 trilione (~$7.7 miliardi) entro novembre 2025, afferma il Primo Ministro del Gabinetto

Songwe ha sottolineato che i servizi di trasferimento di denaro tradizionali in Africa possono costare circa $6 per ogni $100 inviati, rendendo i pagamenti transfrontalieri non solo costosi ma anche lenti. Al contrario, le stablecoin riducono significativamente le commissioni e i tempi di regolamento, consentendo a individui e piccole imprese di trasferire fondi oltre confine in pochi minuti invece di dover aspettare giorni per completare i trasferimenti.

La Banca Africana per le Esportazioni e le Importazioni (AfreximBank) ha ufficialmente concluso la sua lunga relazione di rating del credito con Fitch Ratings, l'agenzia globale di rating del credito, dopo aver concluso che l'attuale framework di valutazione non si allinea più con il modo in cui la struttura legale, la missione e il profilo di rischio della Banca dovrebbero essere valutati.

In una dichiarazione, Afreximbank ha affermato che una revisione completa del suo coinvolgimento con Fitch ha rivelato che le recenti metodologie di rating del credito utilizzate dall'agenzia non riflettevano adeguatamente l'Accordo di Costituzione della Banca – un trattato multilaterale firmato e ratificato dai suoi stati membri che sostiene il suo mandato di supportare il commercio intra ed extra-africano. Secondo AfreximBank, questo trattato crea protezioni e impegni legali che differenziano le sue operazioni da quelle delle banche commerciali – distinzioni che ritiene siano state trascurate nelle valutazioni di Fitch.

La Moneta d'Oro Herculis (XAUH) consente agli investitori di possedere oro svizzero LBMA a partire da soli 0.01 grammi, rimuovendo le barriere tradizionali che lo hanno tenuto fuori dalla portata della maggior parte degli acquirenti

L'oro ha servito come riserva di valore per millenni. Eppure, per la maggior parte della storia moderna, possedere fisicamente oro è rimasto fuori dalla portata dell'uomo medio. Alti importi minimi di acquisto, premi dei rivenditori, costi di stoccaggio e preoccupazioni per la sicurezza hanno creato ostacoli che favorivano gli acquirenti istituzionali e ad alto patrimonio netto.

Quella situazione sta cambiando. La Moneta d'Oro Herculis (XAUH) rappresenta un nuovo modello in cui il possesso frazionario di oro diventa accessibile come acquistare una tazza di caffè. Ogni token XAUH rappresenta un grammo di oro fine svizzero LBMA 999.9 e può essere suddiviso in unità piccole come 0.01 grammi. Ai prezzi attuali dell'oro, ciò equivale a un costo di ingresso di circa $1.35 a $1.40.

After a long phase of rapid expansion, the global stablecoin market has stopped growing and entered a consolidation phase.

Industry sources say this plateau (around ~310 billion) reflects higher compliance costs from tighter rules in the U.S and EU and the fact that U.S Treasury yields are more attractive than holding non-yielding stablecoins.

Key points

• Issuance slowing: Institutional stablecoin issuers now face tougher regulatory requirements like stricter reserve standards under the US GENIUS Act and the EU’s Markets in Crypto-Assets regime which has raised compliance costs and discouraged aggressive minting.

• Treasury yields matter: With real yields on U.S government debt trading higher, the opportunity cost of holding stablecoins that don’t pay direct interest has risen, reducing speculative demand.

STABLECOINS | Circulation of Stablecoins Doubled in the Past 18 Months, Says McKinsey

• Market size staying steady: Data show the total stablecoin supply has hovered around ~$310 billion since late 2025 after more than doubling during early 2024–2025.

MILESTONE | Stablecoins Cross $300 Billion in Market Cap for the First Time

• Macro stress and market behavior: The plateau comes after a sharp market sell-off in October 2025 that triggered widespread deleveraging, shrinking demand for on-chain liquidity.

MILESTONE | Crypto Markets Record the Largest Single-Day Liquidation Event in History

• Yield debate heats up: Banking groups are pushing to curb or ban yield-bearing stablecoins in upcoming U.S legislation (CLARITY Act), arguing they could compete with traditional deposits, a claim industry leaders like Circle’s CEO have strongly rejected.

CLARITY ACT | U.S Senate Banking Committee Unveils Draft Crypto Market Structure Bill With Proposed Amendments

Stablecoins may now be viewed less as high-growth instruments and more as foundational infrastructure for payments and settlement. The market’s next expansion phase could hinge on clearer regulations and products that offer yield without triggering regulatory pushback.

2025 RECAP | Stablecoins Surged by ~50% in 2025 – The Biggest Year on Record

 

 

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Il governo etiope ha ufficialmente annunciato di essere alla ricerca di partner per investimenti per aiutare a costruire e gestire un'infrastruttura di mining di Bitcoin, parte della sua più ampia strategia di trasformazione economica e digitale.

Parlando alla conferenza Finance Forward Ethiopia 2026, il Primo Ministro Abiy Ahmed ha dichiarato che l'Ethiopian Investment Holdings (EIH), di proprietà statale, sta attivamente cercando partner esperti che possano portare capitale, tecnologia di mining ed esperienza operativa a un'iniziativa nazionale di mining di Bitcoin. L'obiettivo è generare entrate dirette per il paese dal mining di Bitcoin piuttosto che fare affidamento esclusivamente su operatori privati.

The Office of the Data Protection Commissioner (ODPC) has officially confirmed that WorldCoin’s parent company, Tools for Humanity, has deleted all biometric data previously collected from Kenyan citizens.

The regulator said this followed a compliance audit to ensure the deletion aligned with the Data Protection Act, 2019, putting a spotlight on data privacy enforcement in Kenya.

WorldCoin’s biometric data collection in Kenya, where thousands of people had their iris and facial scans captured via ‘Orbs‘ in exchange for crypto rewards, quickly drew regulatory fire.

REGULATION | Kenya Data Protection Office Issues Notice as Locals Throng for WorldCoin Registration

Kenyan law views biometric information as sensitive personal data, and companies collecting such data must comply with the Data Protection Act, 2019.

REGULATION | WorldCoin CEO Grilled by Kenyan Parliament – Says Over 635,000 Kenyans Have Downloaded the App

In May 2025, Kenya’s High Court ruled that WorldCoin’s data gathering was unlawful, largely because it:

Didn’t conduct a mandatory Data Protection Impact Assessment (DPIA) before processing biometric data.

Failed to obtain valid, informed consent from participants, instead offering cryptocurrency as an inducement.

Operated without proper registration as a data controller or processor under Kenyan law.

REGULATION | Kenya High Court Declares WorldCoin Operations Illegal, Orders Deletion of Biometric Data

This ruling was part of a judicial review application brought by local rights groups, including Katiba Institute and others, underscoring serious privacy and regulatory gaps.

Following the court decision, the Kenyan government halted WorldCoin’s operations in August 2023 citing privacy and security concerns as thousands queued up especially at public registration points like KICC in Nairobi to get their eyes scanned.

REGULATION | The Kenya Ministry of Interior and National Administration Suspends WorldCoin Activities Pending Risk Assessment

Parliamentary committees and MPs also grilled authorities over the handling of the data and demanded transparency on deletion and verification long before the 2026 confirmation.

REGULATION | The Government Should Disable WorldCoin Virtual Platforms and Blacklist IP Addresses, Say Kenyan Lawmakers Report

In May 2025, the High Court didn’t just find Worldcoin’s activities unlawful, it ordered the permanent deletion of all biometric data collected from Kenyans. This meant WorldCoin had to remove iris and facial scan data from its systems under supervision of the Office of the Data Protection Commissioner (ODPC) within seven days.

 

This ruling prohibited WorldCoin from further processing or transferring biometric data unless it fully complied with legal requirements.

Regulators also noted that if WorldCoin wants to restart operations in Kenya, it must meet stringent local legal requirements including valid consent frameworks, DPIAs, proper registration, and compliance with cross-border data handling rules.

These developments matter because they reflect how Kenyan authorities are interpreting digital identity projects and crypto-linked data collection practices. WorldCoin’s case sets a precedent and becomes a test of Kenya’s data protection regime in balancing innovation with privacy rights and legal safeguards.

REGULATION | Kenyan Security Minister ‘Reluctant to Allow Cryptocurrencies’ Following WorldCoin Debacle

 

 

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I pagamenti in criptovaluta in Kenya stanno attraversando silenziosamente una soglia importante. Quello che una volta era un workaround sotterraneo peer-to-peer ora sta emergendo come un flusso di pagamento funzionale e mainstream che collega Binance, M-PESA TILLs e PAYBILLs, e il pagamento diretto nei conti bancari kenioti, compreso KCB.

Il turno è stato evidenziato da Nick Mwendwa, CEO di Riverbank Solutions, che ha confermato che gli utenti possono ora trasferire valore da criptovalute come USDT, USDC e Bitcoin in pagamenti quotidiani ai commercianti che alla fine si sistemano in conti bancari e portafogli mobili.

Strategy (formerly MicroStrategy), the bitcoin treasury company led by Michael Saylor, pushed its corporate Bitcoin holdings past 709,000 BTC with a massive $2.13 billion acquisition of 22,305 BTC, according to a U.S. Securities and Exchange Commission filing. This latest buy, funded through share and preferred stock offerings, represents the company’s largest purchase in over a year and underscores its core mission: accumulate Bitcoin relentlessly and hold it as a strategic treasury asset.

As of the January 2026 disclosure, Strategy owns 709,715 BTC, representing roughly 3.37 % of the total 21 million bitcoin supply. The company has spent about $53.9 billion acquiring these coins at an average cost of ~$75,979 per BTC. Despite short-term unrealized losses reflected in its Q4 financials, a point of scrutiny among analysts, Strategy’s leadership has doubled down on the narrative that long-term growth in bitcoin-per-share is the company’s most vital benchmark.

Michael Saylor’s strategy is unapologetically simple but bold:

Raise capital via equity and preferred stock offerings (ATMs) and channel that capital directly into Bitcoin.

 

This model bypasses traditional operational revenue, instead using capital markets as the fuel for BTC accumulation. While critics call this approach risky leverage, supporters view it as disciplined capital allocation into a deflationary asset class.

CASE STUDY | Strategy Inc. – A Corporate Playbook for Bitcoin Adoption in Africa

Who Are the Biggest Public Corporate Bitcoin Holders?

According to data from BitcoinTreasuries.net and other trackers, here’s how the top public companies stack up by BTC holdings:

Strategy Inc. (MSTR) — ~709,715 BTC — by far the largest public corporate holder.

MARA Holdings, Inc. (MARA) — ~53,250 BTC — major mining and holding company.

Twenty One Capital (XXI) — ~43,514 BTC — diversified digital asset treasury.

Metaplanet Inc. (MTPLF) — ~35,102 BTC.

Bitcoin Standard Treasury Company (CEPO) — ~30,021 BTC.

Bullish (BLSH) — ~24,300 BTC.

Riot Platforms, Inc. (RIOT) — ~18,005 BTC.

 

These figures represent publicly traded companies that hold Bitcoin as a treasury asset, and while many others hold BTC in smaller amounts, Strategy’s holdings dwarf the next largest public holders by more than an order of magnitude.

BITCOIN | ‘Most Countries Have to Look at it [Bitcoin Reserve] Very Carefully, and So Are We,” Says South African President at WEF 2025

The Rise of Bitcoin Treasury Companies

Michael Saylor and Strategy essentially invented the modern corporate Bitcoin treasury playbook. In 2020, when MicroStrategy first started converting cash reserves into BTC, few corporate treasuries considered holding digital assets. That move was widely covered as a bold shift in corporate finance and it quickly became a playbook imitators would follow.

That playbook is straightforward:

Raise capital through equity and preferred stock sales.

Acquire Bitcoin in large blocks using proceeds.

Hold indefinitely with minimal selling, treating Bitcoin as a strategic reserve rather than a trading asset.

Today, hundreds of companies, both public and private, have adopted some variation of this model, holding Bitcoin on their balance sheets as a hedge against inflation, diversification from cash and bonds, and a long-term growth asset.

By late 2025, more than 180 companies had reported Bitcoin holdings, spanning diverse sectors beyond tech and mining.

BITCOIN | Altvest, Africa’s First Publicly-Listed Firm to Add Bitcoin to Treasury Reserve, Rebrands to ‘Africa Bitcoin Corporation’

Challenges Facing Treasury Companies

Despite the explosive growth of Bitcoin treasury companies, the model has faced increasing scrutiny and criticism.

 

Market Volatility & Valuation Risk – Bitcoin’s price swings can create large unrealized losses on balance sheets. Strategy itself reported notable unrealized losses in late 2025, impacting investor sentiment and stock price performance even after large BTC purchases.

Premium vs. Fundamentals – Some critics argue that companies like Strategy earn valuation premiums that aren’t justified by underlying fundamentals essentially selling a stock that holds an asset without additional revenue diversification. This dynamic has led to debates on fair value and sustainability of the treasury model.

Credit Risk & Regulatory Scrutiny – Analysts warn that heavy corporate Bitcoin holdings can heighten credit risk, particularly for firms using debt instruments to finance buys. Additionally, regulatory uncertainty, especially in areas like tax treatment, accounting standards, and custody practices, remains a key operational headwind.

Market Sentiment & Price Pressure – Some Bitcoin treasury companies trade at significant discounts to their net asset value (NAV), which can weaken the perceived strength of the strategy and reduce capital-raising effectiveness.

Governance and Transparency – Because on-chain reserves aren’t always publicly verifiable, especially for companies that don’t disclose wallet addresses, investors often rely on SEC filings rather than real-time proof-of-reserves. This creates transparency debates within the treasury company world.

PRESS RELEASE | The First Bitcoin Treasury Company Receives a B- Rating from a Major Credit Rating Agency

The corporate Bitcoin treasury movement catalysed by Saylor’s Strategy has had real ripple effects:

Smaller public companies and even non-crypto firms have announced Bitcoin holdings to attract investors and diversify their balance sheets.

Traditional institutional investors increasingly consider Bitcoin exposures via treasury companies or proxy stocks.

Debates in media and analytical reports now center on strategic treasury policies, risk management, and the long-term role of digital assets in corporate finance.

EXPERT OPINION | Bitcoin, Digital Asset Treasuries and the Road to 2026: Director of Institutional at Gemini on Where Crypto Is Headed

 

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At the World Economic Forum in Davos, the Nairobi International Financial Centre Authority (NIFC) made a strong case for Nairobi as Africa’s premier destination for finance, innovation, and regulated digital assets – signaling a strategic push that could transform Kenya’s crypto ecosystem.

NIFC’s CEO, Daniel Mainda, told global investors that Nairobi has shifted from “momentum to architecture,” focusing on regulatory clarity, strong institutions, and real economic outcomes rather than provisional experiments. The engagement in Davos showcased plans to support blockchain infrastructure and scalable digital platforms.

 

“Kenya has made a deliberate shift from momentum to architecture. Through the Nairobi International Financial Centre, we are building markets – not experiments – anchored in regulatory clarity, strong institutions, and real economic outcomes.

Nairobi is positioning itself as Africa’s trusted platform for capital, innovation, and regulated digital assets, offering active facilitation, sandbox support, and targeted incentives for regional headquarters, holding companies, venture capital and private equity funds, and high-growth startups.

We will compete on regulatory quality, not regulatory arbitrage – and we are open for serious business.”

REGULATION | Kenya’s Crypto Regulatory Capture is Actually Regional – Here’s Why It Matters for East Africa

Crypto Regulation: From Law to Market

A key pillar of Kenya’s strategy is the country’s new legal framework for virtual assets, which has begun to take shape:

In October 2025, Kenya’s Parliament passed the Virtual Asset Service Providers (VASP) Act, formalizing rules for crypto and digital asset firms and providing legal recognition for virtual assets.

Under the Act, the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) are designated to license and supervise digital-asset activities, from exchanges and wallets to trading services.

Detailed operational regulations – the rules that explain exactly how licensing and compliance will work in practice — are now being developed by the National Treasury, CBK, and CMA to activate the licensing regime.

REGULATION | ‘We Have Not Licensed Any VASPs Under the [VASP] Act to Operate In or From Kenya,’ Says Central Bank and Capital Markets Regulator

Once implemented, this regulatory structure will give digital-asset businesses confidence that compliance, investor protection, and risk-management standards are in place, addressing concerns that have previously slowed institutional and retail participation in the Kenyan market.

REGULATION | The Kenya Crypto Regulation is Unique and We’ll See It Adopted Across East Africa, Says Yellow Card Senior Legal Counsel

A Competitive Advantage for Finance and Crypto

NIFC’s message in Davos, that Nairobi is open for serious business, was backed by commitments from global players like ChainBLX SPC and SCC Fund SP to establish operations in Kenya with NIFC support.

For the crypto sector specifically, the regulatory momentum positions Kenya to attract exchanges, fintechs, and digital platforms seeking a clear, regulated base for African expansion. Industry observers expect that once formal licensing begins, global players will be more willing to enter the Kenyan market, much like in other jurisdictions where legal certainty opened the door for licensed operations.

EDITORIAL | Kenya Passes Landmark Crypto Law – Binance and Coinbase Expected to Lead Licensed Entrants

For the Kenyan crypto community and the broader Web3 ecosystem, the NIFC’s positioning and the completion of crypto regulations represent a critical turning point:

Clarity and oversight from CBK and CMA could reduce risks such as fraud and unregulated activity.

A regulated environment helps legitimate exchanges and service providers establish operations locally, potentially boosting job creation and innovation.

With clear rules, Kenya can better compete with South Africa and other African markets advancing crypto frameworks.

2025 RECAP | South Africa Had Approved 300 Crypto Firms Out of 512 Applications as of December 2025

As NIFC continues to roll out incentives for regional headquarters, venture capital, and financial services firms, the combination of regulatory progress and strategic positioning could make Kenya a magnet for digital-asset investment – turning Nairobi into one of Africa’s next big crypto hubs.

REGULATION | Bank of Uganda Governor Lists 6 Foundational Pillars for Crypto Regulation in the Country

 

 

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As PayStack marks its 10th anniversary, the company isn’t just celebrating a decade of powering payments across Africa, it’s staking a bold claim in the future of digital money.

PayStack operates in key African markets, handling growth that has accelerated since its acquisition by global payments leader Stripe in 2020. That partnership has helped scale PayStack’s payment volume more than twelvefold and now ties the business into some of the most exciting innovations shaping global finance.

[WATCH] Nigerian Payment Startup, PayStack, Gets Acquired by Online Payment Firm, Stripe, for Over $200 Million

The Stack Group and a Stablecoin Vision

To reflect broader ambitions, PayStack announced the creation of The Stack Group (TSG), a new parent company that will house payments, banking, consumer finance, and a new tech arm called TSG Labs.

PRESS RELEASE | Stripe-Owned Nigerian Fintech, PayStack, Launches Holding Company, The Stack Group, as it Celebrates 10-Year Anniversary

This arm is explicitly charged with pushing into emerging technologies, including stablecoins and other blockchain-linked financial infrastructure.

Crucially, PayStack says it is finalizing a stablecoin license in a key market, indicating its intent to build or issue digital cash that can move at internet speed and with lower friction than traditional money.

Stablecoins, digital assets pegged to stable assets like the U.S. dollar, are rapidly becoming core rails for fast, low-cost global payments.

Yellow Card, Flutterwave, Onafriq: Why Africa’s Fintech Sector is Turning to Stablecoins

Stripe itself has been one of the biggest builders in this space:

Stripe and crypto partner, Paradigm, developed Tempo, a new blockchain optimized for stablecoin payments, remittances, and micropayments at high speed.

INTRODUCING | Global Fintech Giant, Stripe, Launches Tempo, a Payments-Focussed Blockchain for Stablecoins

Stripe’s acquisition of stablecoin platform, Bridge, has enabled it to launch Open Issuance, letting businesses create and manage their own stablecoins.

MILESTONE | Stripe Makes Headlines with $1.1 Billion Acquisition of Bridge, the Largest Deal in Crypto History

Major fintechs like Klarna have already launched USD-pegged stablecoins on Stripe’s blockchain infrastructure, with broader adoption expected in 2026.

Introducing KlarnaUSD, our first @Stablecoin.

We’re the first bank to launch on @tempo, the payments blockchain by @stripe and @paradigm.

With stablecoin transactions already at $27T a year, we’re bringing faster, cheaper cross-border payments to our 114M customers.

Crypto is…

— Klarna (@Klarna) November 25, 2025

Through its new group structure and ambitions to secure stablecoin licensing, PayStack is positioning itself to ride this wave of digital money innovation – potentially offering merchants and customers in Africa access to programmable, blockchain-enabled money that moves as fast as the internet.

A Second Decade, Redefined

What began as a mission to simplify online payments in Africa is now expanding toward end-to-end money movement solutions that tap into cutting-edge global payment technologies.

With Stripe’s deepening investment in stablecoins and blockchain infrastructure, PayStack’s next decade could see it become a bridge between traditional African finance and the emerging world of digital dollars.

STABLECOINS | Leading African Fintech, NALA, Partners with Noah to Launch a Stablecoin Settlement Network on Regulated Rails

 

 

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A post by Senator Ihenyen, Lead Partner at Infusion Lawyers and currently serves as the Executive Chair of the Steering Committee, Virtual Asset Service Providers Association (VASPA).

 

As the initial dust settles on the Securities and Exchange Commission (SEC) Nigeria’s Circular No. 26-1 – which outlines new minimum capital requirements for capital market operators (CMOs) – a troubling picture is beginning to take shape.

With virtual asset service providers (VASPs) now classified as CMOs, a comparison with global digital asset regulatory regimes shows that Nigeria’s new ₦2 billion (about $1.4 million) minimum capital requirement for Digital Asset Exchanges (DAXs) is not just steep, it ranks among the most restrictive globally. This raises concerns that the policy may end up constraining the very local capacity and resilience the government should be encouraging in order to keep Nigeria competitive in this fast-evolving sector.

REGULATION | SEC Nigeria Raises Minimum Capital Requirements, Sets Higher Bar for Crypto, Fintech, and Capital Market Operators

The Great Disconnect: Nigeria vs. the World

When viewed alongside established global hubs, Nigeria’s “capital muscle” strategy begins to look less like a safety buffer and more like a formidable barrier to entry.

Jurisdiction Licensing Category Minimum Capital Requirement (Approx. USD) European Union (MiCA 2026) Crypto-Asset Service Provider (CASP) $54,000–$163,000 (€50k–€150k) Hong Kong (SFC) Virtual Asset Trading Platform (VATP) $640,000 (HKD 5M paid-up) Mauritius / El Salvador VASP / DASP Varies (highly competitive / low) South Africa FSCA No specific minimum (based on financial soundness and liquidity) Nigeria (SEC 2026) Digital Asset Exchange (DAX) $1,400,000 (₦2 billion)

Under the European Union’s landmark Markets in Crypto-Assets (MiCA) framework, a company can obtain a license to operate across 27 countries for a fraction of what it costs to launch in Nigeria alone. While SEC Nigeria maintains that such capital levels are necessary to ensure “resilience,” many stakeholders – including myself – argue that Nigeria’s market, though high in adoption, remains nascent in terms of institutional depth.

 

Analytical Insight: The Capacity Conundrum

At the heart of industry pushback is a unified concern reflected in a public statement by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella voice of Nigeria’s blockchain ecosystem.

The central message is clear: at this early stage of development, Nigeria lacks the local institutional capacity to compete globally if entry thresholds are set at a fully mature institutional level from the outset.

 

Three key concerns stand out:

Stifling Homegrown “Unicorns” By requiring $1.4 million in paid-up capital, the SEC appears to be demanding finished products rather than nurturing growth. Most of today’s global exchanges started small before scaling. In Nigeria, however, the “small” innovator risks becoming legally extinct.

The “Foreign Giant” Advantage Such a high bar effectively rolls out the red carpet for well-capitalized foreign firms, while local innovators, who may have the technical expertise but not billions in liquid capital, are pushed aside. This could result in a digital economy dominated entirely by external players.

Capital Intensity vs. Market Reality Unlike traditional financial institutions, crypto startups are fundamentally technology-driven. Their capital needs are tied to research, development, and security, not idle funds sitting in a paid-up account. Forcing $1.4 million to remain dormant is, for many startups, a “capital death sentence.”

Premature and Commercially Unjustifiable If Nigeria were a fully developed financial market like New York or London, such a requirement might be defensible. In an emerging ecosystem, however, it represents a mismatch. Indeed, the disparity could even deter “foreign giants,” pushing them to explore more commercially viable jurisdictions. Regulators must recognize this economic reality, as well-intentioned policies can still produce unintended consequences. Nigeria needs a more balanced path forward.

A Constructive Path Forward

To foster a genuinely competitive industry, the SEC should consider a comprehensive tiered licensing framework:

 

Tier 1 (Startup) Lower capital requirements for firms with limited transaction volumes.

 

Tier 2 (Growth) Graduated increases in capital as firms scale operations.

 

Tier 3 (Institutional) The full ₦2 billion requirement for exchanges handling large-scale public retail volumes.

 

This tiered approach could also be extended to other licensing categories. It would allow the market to develop organically while managing risk, rather than suffocating innovation under excessive capital demands however unintentional.

These views align with the positions of industry associations and professional bodies across Nigeria, all of which stress the importance of regulators genuinely listening to stakeholders. Cooperation, collaboration, and inclusive consultation in policymaking are essential not only for protecting markets but also for building trust and ensuring smooth compliance.

Without a ladder such as the one proposed, Nigeria risks winning the “stability” battle while losing the “innovation” war. By the time the June 2027 deadline arrives, we could be left with a “stable” market devoid of local players, or even sufficient foreign ones, to sustain it.

If regulation is truly meant to serve consumers and investors rather than bureaucracy and red tape, Nigeria must create a globally competitive environment that enables access to cutting-edge financial innovation.

REGULATION | IMF Flags Nigeria’s Crypto Surge as a Threat to FX Stability, Capital Controls – Urges for ‘Enforceable Legal Framework Urgently’

 

 

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This post is adapted from this original post.

PayStack, a company solving payments problems for ambitious businesses in Africa, today announces the launch of The Stack Group (TSG), a parent holding company that will aggregate the tech-focused family of brands connected with Paystack. TSG Founding shareholders include Stripe, Shola Akinlade (Founder and CEO of Paystack), and existing Paystack employees. The agreements establishing TSG as the parent holding company were signed in October 2025, and are subject to the requisite regulatory approvals.

[WATCH] Nigerian Payment Startup, PayStack, Gets Acquired by Online Payment Firm, Stripe, for Over $200 Million

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TSG launches as the parent holding company to a family of complementary brands – including Paystack, Paystack MFB, Zap and TSG Labs (a new venture studio/incubator)

The group reports profitability following >12x payment volume growth since acquisition by global payments giant Stripe 5 years ago; the announcement coincides with Paystack’s 10-year anniversary in January 2026

The agreements establishing TSG as the parent holding company were signed in October 2025 and are pending the requisite regulatory approvals 

TSG Labs will also develop products beyond fintech, including AI-led offerings 

Since its acquisition by Stripe in 2020, Paystack has grown its payment volume by 12x and is licensed and operational in Côte d’Ivoire, Ghana, Kenya, Nigeria, and South Africa, with regulatory approvals for Egypt and Rwanda, representing ~46% of Africa’s GDP. This product-first approach to pan-African growth has since led to Paystack becoming profitable at the group level, the company announced.

Nigeria’s Paystack Gets Payment Service Provider Licence from the Central Bank of Kenya

This news follows the recent launch of Paystack MFB in Nigeria. Functioning as a standalone bank, Paystack MFB allows the group to internalise core financial rails and provide the banking and credit infrastructure required by over 300,000 Nigerian merchants. These capabilities enable the development of elegant, compliant, and much-needed end-to-end money-movement solutions and will continue to power the company’s mission of building technology solutions for Africa, to power African ambition.

FINTECH AFRICA | Leading Nigerian Fintech, PayStack, Reduces Operations Outside of Africa, Moves to Prioritize Local Teams

Providing a corporate umbrella for a family of complementary brands that innovate in different domains, TSG companies will be united by shared values and deep knowledge of building technology products to solve Africa-specific challenges, while remaining operationally independent. At the outset, TSG will include:

Paystack –  innovates within merchant payments

Zap – innovates within consumer payments

Paystack Microfinance Bank – innovates within banking

TSG Labs – innovates with emerging technologies and builds new products both within and beyond financial technology

 

Shola Akinlade, CEO and Paystack Founder, says,

“The launch of TSG signals a larger scope of ambition for us and sets the tone for the next decade of our company.

Having worked with thousands of companies across the continent since 2016, it is clear that there are significant opportunities to support businesses beyond payments, and TSG enables us to address the challenges African companies face. 

Thank you to the Stripe team for their continued belief in Africa’s potential, and our ability to create transformative technology companies for the continent, and beyond.” 

 

The announcement comes as Paystack celebrates its 10-year anniversary in January 2026.

LIST | Here is the List of Countries in Africa Where Stripe Stablecoin-Based Accounts Are Available

 

 

 

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I ponti DeFi cross-chain – protocolli che consentono agli utenti di spostare asset da una blockchain all'altra – sono diventati un elemento centrale dell'ecosistema blockchain. Consentono il flusso di liquidità tra le reti e supportano l'attività DeFi multichain.

Nonostante la loro utilità, tuttavia, i ponti canalizzano anche un valore enorme attraverso sistemi che rimangono relativamente insicuri, rendendoli un obiettivo primario per gli hacker.



Volume Ponte: Quanto Sono Grandi i Ponti?

I ponti ora si trovano al centro dell'attività multichain. I dati delle società di analisi blockchain mostrano che i ponti elaborano regolarmente miliardi di dollari in transazioni ogni mese; alcune stime indicano che il volume totale dei ponti su tutte le catene supera i 6 miliardi di dollari al mese.