Latest news with #VirtualAssetServiceProviders
The South African
7 days ago
- Business
- The South African
Venom Blockchain plans new solutions to ease Fiat Exchange barriers in Africa
The Venom Foundation has announced plans to use blockchain technology to solve problems with fiat currency exchanges and improve financial transactions across Africa. Kenya is the primary focus, as the country moves towards clearer rules for cryptocurrencies. Kenya is close to passing an important law called the Virtual Asset Service Providers (VASP) Bill 2025. This new law is designed to protect users by preventing fraud in the crypto exchange market. It also aims to make it easier for everyone to use cryptocurrencies, even those who are not tech-savvy. The bill will help people obtain foreign currency more easily, ensure fair and transparent transaction fees, and protect users' funds. These measures will greatly reduce the risks commonly associated with cryptocurrency exchanges. Since 2023, the Venom Foundation has helped blockchain companies work within existing regulations. Venom's experts have been involved in professional discussions about officially adopting blockchain technology in financial systems. Through this work, the foundation is committed to creating secure and reliable financial solutions specifically for the African market. A major part of Venom's plan is developing blockchain-based solutions for cross-border payments in Africa. Currently, cross-border transactions in Africa often face challenges such as high costs, long delays, and complicated procedures. Additionally, these transactions often happen in a regulatory grey zone, putting users' assets at risk. Venom's new solutions will address these problems by significantly lowering transaction costs, improving security, and simplifying trade between African countries. By using blockchain technology, Venom aims to make transactions fast, secure, and fair, greatly improving economic efficiency and access to financial services across the continent. Venom Foundation also sees broader economic opportunities from widespread blockchain use. According to the foundation, strong blockchain infrastructure can attract global technology companies to Africa. This would lead to new partnerships, investments, and innovative growth. Africa is especially well-positioned for this because it has a large, young workforce. In Kenya alone, about 35.7 million out of 47.6 million people are under 35 years old. Many young people hold degrees in business, IT, and engineering, providing a talented workforce ready to support technological growth. Furthermore, Venom's blockchain solutions can support small and medium-sized businesses, which are essential for economic growth in key African countries such as Kenya, Nigeria, and South Africa.. By providing easy access to affordable and reliable financial services, these businesses can grow faster, create more jobs, and strengthen local economies. Blockchain technology will also enhance transparency in financial transactions via unbiased, automated processes without human intervention, reducing corruption and building greater trust among citizens, businesses, and governments. To encourage this potential, Venom plans to work closely with international blockchain companies interested in expanding to Kenya and other African countries. The foundation aims to boost economic growth and create new jobs by bringing in foreign investment and promoting innovation alongside local talent and businesses. By solving the issues of fiat currency exchange and building blockchain-based financial systems, Venom Foundation is ready to transform Africa's financial landscape. This will unlock significant economic potential and support long-term economic growth across the continent.
Business Insider
15-07-2025
- Business
- Business Insider
Ghana to regulate crypto exchanges
The Bank of Ghana (BoG) is putting the finishing touches on a comprehensive regulatory framework for cryptocurrency platforms and Virtual Asset Service Providers (VASPs), according to Governor Johnson Asiama. The Bank of Ghana (BoG) is finalizing a regulatory framework for cryptocurrency platforms and Virtual Asset Service Providers (VASPs). Governor Johnson Asiama stressed the importance of regulation amid the rise of digital financial technologies. The framework will align with anti-money laundering and financial stability mandates, ensuring robust oversight. Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Asiama emphasised the urgency for clear rules amid the rise of digital financial technologies. 'Crypto is like the air we breathe—you can't stop it. So let's regulate it properly,' he stated. 'We are working on a framework that aligns with our anti-money laundering and financial stability mandates.' Coordination with key institutions To ensure a robust and collaborative regulatory environment, the BoG has been in close consultation with the Financial Intelligence Centre (FIC) and the Ministry of Finance. The forthcoming regulations will establish clear licensing requirements, operational standards, and safeguards against abuse for all crypto-related entities operating in Ghana. Regulating, not restricting Governor Asiama was clear in stating that the central bank is not opposed to innovation, but rather committed to preserving financial integrity. 'Crypto is here. The question is how do we manage it, not whether to ban it,' he said. ' The Bank is not anti-innovation. We only seek to ensure that digital financial products do not undermine confidence in the monetary system or facilitate illicit transactions.' Ghana takes a leading role in Africa's crypto policy With this move, Ghana is positioning itself among a small but growing number of African nations proactively tackling the regulation of digital currencies. The new framework aims to balance oversight with flexibility, ensuring that the fintech and crypto sectors can continue to innovate within a safe and supervised environment.
