🟠 PwC advises Kenyan crypto firms on tax lobby

PwC joins crypto lobby in Kenya

Topline: A coalition of Kenya’s top cryptocurrency companies has formally submitted a proposal to Parliament, calling for significant changes to the taxation of digital assets. (Details)

Catch up quick: Mariblock previously reported that local crypto companies were quietly mobilizing against the 3% tax on all crypto transfers. That movement is now public and organized.

What’s new: On May 29, a delegation including Busha, Kotani Pay, Luno, Swypt, HoneyCoin and DurraFx appeared before the National Assembly’s Finance Committee to formally propose a tax overhaul, with PwC Kenya present as an advisor.

Their ask: First, Repeal Section 12F of the Income Tax Act, which imposes a 1.5% flat tax (down from the original 3%) on every digital asset transfer, even when there’s no profit.

• Classify digital assets as property, so they’re taxed under capital gains rules, just like real estate or stocks.
• Recognize crypto platforms as financial institutions to avoid double taxation under VAT and excise laws.

Zoom out:

• This isn’t their first trip to Parliament. But this time, the push is stronger and more coordinated, and it might just work.
• Earlier this month, Mariblock reported that the Binance-backed Virtual Assets Chamber of Commerce (VACC) hosted a blockchain training for the same committee now reviewing this tax proposal.

Stripe launches stablecoin accounts but skips Africa’s big four

Topline: Stripe recently introduced stablecoin-powered financial accounts to businesses in over 100 countries. But here’s the catch: Africa’s four biggest economies didn’t make the list. (Details)

What’s new: The feature, built on infrastructure from recently acquired Bridge, lets businesses send and receive stablecoin payments and fiat currencies, all in one account.

• It works across 101 countries, but not in Egypt, Kenya, Nigeria or South Africa.

How it works: Accounts are denominated in USD, EUR or USDC (a dollar-pegged stablecoin).

• Users can fund them via wire, ACH (U.S.), SEPA (EU), or USDC transfers on eight blockchains.
• Balances are held in USDC and a closed-loop version called USDB.
• Payouts are only available in USD and can be made via bank or crypto wallet transfers.

The bigger picture: Stripe is finally bridging the gap between fiat and crypto without needing local banking partners in each country. That means fewer regulatory hurdles and a quicker path to global reach.

“You don’t need to decide, ‘Am I a crypto business?’ or ‘Am I a fiat business?’” said Stripe CEO Patrick Collison. “It should be easy to be both.”

Crypto is legal in Nigeria — until your bank says otherwise

Topline: Nigeria’s 2025 Securities Act was meant to clarify crypto’s legal status. Instead, it deepened the confusion. Banks still freeze accounts, arrests continue, and uncertainty remains over what’s actually changed, writes Ogechi. (Details)

Context: The law gave the SEC formal oversight of digital assets.

• But the CBN’s silence and inconsistent enforcement have left banks and users uncertain, with crypto activity still treated as suspect in practice.

Zoom in: The tension dates back to 2021, when the Central Bank of Nigeria (CBN) barred banks from handling crypto.

• Though it lifted the ban in 2023 and issued engagement guidelines, the CBN’s passive stance has left a gap between policy and practice.
• “It’s dicey,” a CBN staffer told Mariblock. “Implementation is different from signing into law.”

Why it matters: Despite SEC progress, the lack of regulatory alignment keeps users and businesses in a state of uncertainty.

A regional contrast: While Nigeria was tightening controls in 2021, South Africa took a different approach, engaging with the crypto industry early. By 2024, it had licensed 248 firms under clear rules on compliance. Nigeria, despite high adoption, is still playing catch-up.

What needs to change: First, regulators must align. The CBN and SEC can’t keep sending mixed signals. Countries with unified policies, like South Africa, attract crypto firms seeking stability.

Second, communication must improve. The crypto community needs regular dialogue with regulators, as seen in Kenya’s policy engagement efforts.

Finally, enforcement must match intent. Nigerians shouldn’t face harassment in a sector the government claims to support.

Stablecoins are becoming the backbone of digital finance — from cross-border payments to government policy. Each week, we track the most important developments shaping this evolving market for you.

1. One big thing: Stripe explores bank partnerships for stablecoins

Stripe is in early talks with banks to integrate stablecoins into their services. It’s part of a broader push to make stablecoins mainstream, including global stablecoin accounts and card tools. Co-founder John Collison says bank-issued stablecoins could disrupt cross-border payments — but warns unclear regulation could leave the UK behind. (Bloomberg)

2. Circle launches IPO, targets $6B valuation

USDC issuer Circle has kicked off its long-awaited IPO, aiming to raise $624M at a $5.65B valuation. The move comes as USDC’s market cap hits $62B — up 40% this year — amid growing U.S. momentum for stablecoin regulation. Shares will trade on the NYSE under the ticker CRCL. (CNBC)

3. Yield-bearing stablecoins rise to 4.5% of stablecoin market share with $11B in volume

Cross-border payments firm Conduit has raised $36 million in a Series A funding round to scale its stablecoin infrastructure. Backed by Dragonfly, Altos, and Circle Ventures, Conduit said it saw 16x volume growth in 2024, surpassing $10B in annualized transactions. It plans to expand into more markets and support a broader range of currencies. (Businesswire)

➕ More stablecoin headlines

• Blackrock eyes 10% stake in Circle IPO.
• Bitget launches BGUSD, a yield-bearing stable asset backed by tokenized RWAs.
• U.S. Rep. Bryan Steil advocates against non-relevant terms in crypto bills to expedite passage.
• Bank of Italy chief: Digital euro key to reining in stablecoins

Catch up

🌍 How African innovators are using blockchain to solve real problems (Cointelegraph)

🌍 Xend Finance, Risevest launch tokenized stocks platform in Africa (Cointelegraph)

🇿🇦 Appeal against important court ruling about cryptocurrency in South Africa (My Broadband)

🇨🇫 Central African Republic to tokenize over 1,700 hectares of land through CAR meme coin (Crypto.news)

Opportunities

• Sign up for Bybit Academy via AltSchool Africa here.
• The Network School is launching a $100,000 fellowship for founders and creators. Apply here.
• UNICEF Venture Fund is offering $100,000 in equity-free funding for blockchain and frontier technology startups. Apply here.

That’s all for this week!

If you found this helpful, please consider sharing it with a friend or colleague or forwarding it online.

Till next week,

Ogechi.