Nigerian Office Marks Key Entry

Blockchain.com, the UK-based crypto exchange, plans to establish a physical office in Nigeria during Q2 — its fastest-growing market in West Africa. According to Owenize Odia, Blockchain.com’s General Manager for Africa, “Nigeria has taken meaningful steps toward creating a clear framework for crypto.” The move also includes broader expansion plans in Ghana, Kenya, and South Africa.

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Although crypto trading remains restricted in many African countries, several — especially Nigeria and Ghana — are making moves toward formal legal frameworks. Ghana’s central bank released a draft indicating that crypto platforms may be regulated by September 2025. Meanwhile, Kenya continues to research the sector. These developments are crucial to Blockchain.com’s strategy, as regulatory clarity heavily influences expansion decisions.

South Africa Leads Africa’s Crypto Charge

South Africa is quickly becoming the continent’s crypto hub. With strong legal foundations and a business-friendly atmosphere, it has attracted global attention. According to Ben Caselin of VALR, a Johannesburg-based exchange, regulatory transparency is a key draw. As of March 2024, the Financial Sector Conduct Authority (FSCA) had approved 59 licenses, with over 260 applications under review.

Blockchain.com claims over 92 million wallets, 37 million verified users, and $1 trillion+ in total transaction volume globally.

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Focus on Knowledge Exchange and Infrastructure Development

Marathon Digital is entering the partnership with MOEP which will focus of sharing technical expertise, information, policy recommendations, funding models for investment, and required energy assets. Marathon Digital CEO Fred Thiel highlighted the significance of this agreement, stating:

“This is largely a landmark agreement because it allows us to chart a clear course forward for our enterprise in the Republic of Kenya with regards to the Ministry of Energy and Petroleum. The new framework is a prime example of utilizing advanced technology to best meet the Republic of Kenya’s energy consumption demands while introducing innovative policies.”

In a recent report, ITA noted that renewable electricity generation in Kenya has registered a figure of more than eighty percent, mainly through wind, solar, hydroelectric power and geothermal energy. Among these renewable resources, geothermal energy ranks high and supplies the highest portion of electricity to Kenya’s electrical network, thus putting the nation amongst the cheapest geothermal energy producers globally.

Kenya’s Evolving Stance on Digital Assets

This is the partnership with Marathon Digital which is very progressive for Kenya’s government because up until now, it has been quite reserved, if not negative, towards blockchain and cryptocurrencies projects. This restraint and judicial approach was evident in the recent ban in September 2023 by the Kenyan government which banned Worldcoin from operating in the country for one full year. The absence of moderation policies, complaints regarding Worldcoin’s invasion of privacy by collecting biometric scans contributed to the ban.

The return of Worldcoin to Kenya was conditioned by compliance with the conditions referring to the approval of the Capital Markets Authority, as well as the fulfillment of the DPIA and the data security state-organized workshop.

Such cooperation with Marathon Digital shows that Kenya is ready to adopt process innovations; however, the government will do its best to adopt adequate legal tools to protect people and their rights. This partnership is expected to strengthen Kenya’s on renewable energy and energy technology and provide future roadmap for other similar technologies within the country.

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Kenya Upholds Worldcoin Ban

According to Kenyan media outlets, the country’s Interior Cabinet Secretary, Kithure Kindiki, informed Parliament that the government will not budge on its August 2023 suspension of Worldcoin. Professor Kindiki reportedly revealed that Kenya has faced pressure from the US to lift the ban during a recent appearance before the National Assembly’s public petitions committee.

Privacy Concerns Spark Ban

The Kenyan government’s initial decision to halt Worldcoin stemmed from growing concerns around user privacy and the need for stricter data protection regulations. A parliamentary committee had previously urged for the project’s immediate suspension to address these anxieties.

Worldcoin’s Global Data Security Struggles

Kenya is not the only nation to raise red flags regarding Worldcoin’s data practices. The project has encountered similar resistance on a global scale:

Spain: The Spanish data protection authority (AEPD) ordered Worldcoin to cease collecting personal information within the country and mandated the deletion of any existing data collected.

South Korea: The Personal Information Protection Commission (PIPC) launched an investigation into Worldcoin following complaints about the collection and use of user data, particularly facial and iris scans.

Hong Kong: The Privacy Commissioner’s Office (PCPD) initiated inquiries at six Worldcoin locations in Hong Kong due to potential privacy risks.

In a recent development, Worldcoin reportedly intends to remove the option for users to encrypt and store their biometric data.

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“Registration of Kenyans through the Worldcoin online application continues, despite the complete cessation of court orders and other administrative instructions,” the report states.

Will Kenyan Parliament shut down Worldcoin?

The report draws attention to the privacy concerns of Kenyan residents, but adds that it is difficult or impossible to determine the number of orbs (devices used for retinal scans) in the country. The committee’s recommendations include the government considering establishing a comprehensive framework for digital assets and virtual asset service providers in Kenya and changing existing regulations to take into account cybercrime and tax declaration requirements.

The team has launched Worldcoin with the aim of distinguishing real individuals from virtual bots by providing retina scans for online identity verification and has millions of records by July. However, the project has attracted the attention of regulatory authorities worldwide over allegations that it has skirted rules and regulations on data protection and user privacy.

Authorities in countries like Germany, Argentina, France, and the United Kingdom have expressed their concerns about Worldcoin. They have started investigations into its operations.

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