Africa Crypto News Week in Review: South Africa Calls for Modern Crypto Laws, Kenyan Banks Ready for Crypto as Tether Expands

Africa crypto news: A judge in South Africa wants modern crypto laws and banks in Kenya ready for crypto as Tether invests in Shiga Digital.

A South African judge has criticized the country’s financial regulators for relying on Apartheid-era laws to regulate crypto. In Kenya, a Central Bank survey reveals that an increasing number of banks are prepared to support cryptocurrency payments. Meanwhile, Tether, the issuer of the popular USDT stablecoin, has invested in the pan-African crypto and fintech platform Shiga Digital. Tether wants to expand its presence in the continent.

Let’s explore these crypto stories that dominated headlines in Africa this week:

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South Africa Crypto News: Judge Calls for Modern Laws

A High Court judge in South Africa, Mandlenkosi Motha, has criticized the South African Reserve Bank for using Apartheid-era laws to regulate crypto.

He noted that cryptos have existed for 15 years, and there is no reason to continue using outdated laws.

These comments were made in a ruling involving South African bank Standard Bank and James Ewing & Sons, which had transferred funds to international crypto exchanges.

Part of the discussion centered on South African exchange control laws.

Judge Motha agreed with submissions made during the case regarding the inadequacy of old laws for regulating cryptos, including some of the next cryptos to explode.

These comments highlight the need to modernize exchange control and related legislation for crypto. It especially comes when South Africa is becoming a crypto hub.

South Africa is quietly becoming the Switzerland of African c rypto…

248 crypto licenses were approved by December 2024, 420 applications were received, and only nine were declined.

That’s a 95%+ approval rate for companies meeting standards.

What’s driving this:

– Clear…

— I D R I S (@olanetsoft) June 3, 2025

Kenya Crypto News: Banks Ready to Offer Crypto Services

According to a Central Bank innovation survey, nearly a third of Kenyan banks are ready to support crypto transactions.

Parliament is currently debating legislation on virtual asset service providers, and this finding indicates that the banking sector can support it.

The survey is informal but shows the opportunities banks see in this industry. 

Banks are warming up, 10 years after the Central Bank of Kenya discouraged banks from engaging with Bitcoin and cryptos in general.

(Source)

If the VASP bill before Parliament is enacted into law, it could be a watershed moment for crypto, allowing businesses to operate within a defined regulatory framework.

Millions of Kenyans are already transacting in various cryptos, and a supportive framework could further propel usage, even helping funnel more capital into some of the best meme coin ICOs.

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Africa Crypto News: Tether Invests in Shiga Digital, Seeks to Expand

Tether, the issuer of USDT, has expanded its presence in Africa by investing in Shiga Digital.

The stablecoin issuer aims to improve the use of USDT for cross-border African settlements. Most importantly, the extensive reach and credibility of USDT can provide valuable liquidity for Shiga Digital.

Need a simple and easy way to receive GBP or Euro to your bank account from stablecoin? Well simply share your Shiga stablecoin wallet and receive GBP or EURO in ANY of your GBP or EUR bank accounts.

Once you set up your accounts – you simply send stablecoin to your associated…

— abiolashogbeni.eth (@shogz_snr) January 2, 2025

USDT is a crucial trading pair for thousands of cryptos and is a safe refuge for traders seeking to mitigate volatility in their trading.

This partnership could be a win-win, as Shiga Digital has built a suite of products and over-the-counter services for its users.

Shiga Digital specializes in blockchain apps for digital finance and cloud technology.

It has a pan-African focus, with co-founder Abiola Shigbeni bringing insight into the African market.

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2025

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