cryptocurrencies Archives - AfricaBusiness.com

17Apr

By Africa BusinessNo Comments

Fintech

Why do you need a crypto license in Poland? What is needed to obtain such a license?

What Are the Legal Requirements for Operating a Cryptocurrency Business in Poland, And Why Is a Crypto License Essential for Compliance? In Poland, the Chamber of Tax Administration regulates the regulations that any crypto businesses must follow. Companies in Poland are required by law to register with the Polish company registry via the portal for public administration services or other means. You need to fulfill the eligibility requirements and submit the required documentation within 14 business days to complete the registration procedure. There is a potential punishment of roughly €22,000 for not obtaining the license by still carrying out crypto activities. Registration is required for crypto-to-fiat and crypto-to-crypto exchanges, wallet services, brokerage services, among many ot...

Cryptocurrency and herding behaviour

By: Udette Kirsch - behavioural economist & strategic marketing specialist Cryptocurrencies refuse to play by the rules. People rely on experts for all sorts of advice, but when it comes to cryptocurrencies, they seek advice from peers and the internet. So, what causes this behaviour, and what are the implications? Hint: it’s rooted in behavioural psychology. Recent studies suggest that crypto-currency investors rely less on expert advice and increasingly follow peer investor communities for guidance. The daily value of South African crypto trading recently exceeded $141 million for the first time, indicating that many South Africans consider the risks of this complex, unregulated market to be acceptable for the returns which it may deliver. Digital advocates have hailed cryptocurr...

Top 5 Reasons Why Nigerian Pioneer Bitcoin Remittances

A survey by Statista found that around 32 percent of people in Nigeria use cryptocurrencies and this is the highest proportion of a population in the world. In terms of trade volume, the country stands in 3rd position after the United States of American and Russia with a transaction value of more than 400 million dollars. This virtual currency is booming in Nigeria although there is a banking ban on it, traders discovered ways against government ban like the other parts of the world. As per the blockchain research firm Chainalysis, the amount of crypto received by the Nigerian crypto community has been constantly growing. The use of crypto in international trade also surged in Nigeria, people tried to use the currency to proxy the US dollar. Since the beginning of 2021, Nigerians traded 50...