Onyx Shuts Ethereum Lending Market, Relaunches as Onyx Core
Following a $3.8 million hack security vulnerability, Onyx plans to relaunch its governance-centric financial network.
Key Takeaways:
Cryptocurrency in South Africa has been a rapidly adopted asset. Data from the Financial Sector Conduct Authority (FSCA) shows that 10% of South Africans own crypto with Cape Town being the leading hub in the country.
The increased attention to and in the industry is seen by the increased volume number of exchanges, the growing volume seen on trade exchanges, new participants in the space, and the increase of blockchain technology in various sectors. It is projected that user penetration in the space will increase to nearly 24% by 2028.
A key driver is the industry is for investment, but adoption goes beyond pure financing into a payment option other than fiat and – pertinent to South Africa – remittance.
The above will be addressed at Web3 gathering CryptoFest in Cape Town in a week’s time; some of the key discussion on South African-specific crypto topics and how the topic is set to become more and more relevant in the coming years.
On: Transforming Cross-Border Remittances and Payments: Decentralised Payments Architecture
How this fits in with South Africa
More payments solutions that don’t rely on banking, like decentralised options, are increasingly relevant in South Africa. Financial inclusion is an ever-present challenge for so many with more than 15% of the total population living completely unbanked.
DeFi payments not only help offer accessible financial inclusion within the country, but it also opens easy payments across borders. Remittance payments are a large part of the economic movement and a digital means to send funds to families across the border helps resolve so many issues South Africans face.
The Digital Remittance market in the country is predicted to grow by nearly 5% within the next four years, resulting in a market volume of$406.50m in 2028.
How it fits in with crypto
Decentralised finance fits squarely into the economic landscape in South Africa. The talk promises to offer invaluable insights into how cryptocurrency can tackle challenges South Africans face and how cryptocurrency adoption can lead to financial inclusion like never before.
Speaker on the topic at CryptoFest
Duncan Muchangi is an investor and business leader who is working to create a cohesive space between traditional and decentralised finance. A core part of his work is to enhance financial inclusion, starting in Africa and going further afield.
On: Crypto Tax in South Africa
How this fits in with South Africa
The South African Revenue Service (SARS) has clarified its position on crypto tax. With this, there’s an increased need for tax professionals that know the ins and outs of digital assets within the taxation space.
Staying up to date with regulation and tax compliance, while not always easy, should be a fundamental part of any crypto investor’s wheelhouse.
How it fits in with crypto
Tax and cryptocurrency are not always an easy link to follow. As the government continues to adopt both cryptocurrency and regulations in the industry, Oliver’s close work in both the financial sector and the digital space offers an important guide on tax implications. We expect insights from broad strokes to the granular level that will help new and experienced South African traders in their trading and compliance.
Speaker on the topic at CryptoFest
Wiehann Olivier has a wealth of fintech knowledge, as Partner and FinTech and Digital Asset leader at Forvis Mazars South Africa. As a Registered Auditor with the IRBA and a qualified Chartered Accountant, he has enormous amounts of expertise in the financial space.
Keynote Address: Staking 101
On: How to Make Your Crypto Work for You
How this fits in with South Africa
Staking cryptocurrency offers South Africans huge potential as a tool to earn from their money without selling it. It provides citizens the opportunity to earn on their money without relying on a bank account or complex investment strategies.
How it fits in with crypto
Staking is a big part of some investors’ strategies and plays a major role in the overall crypto industry. By growing the cryptocurrency staking market in South Africa, the global market will benefit. The more that know how to stake their cryptocurrency effectively, the better and more secure the space will become.
Speaker on the topic at CryptoFest
Richard de Sousa is the Founder and CEO of AltCoinTrader. He comes from a background with Bitcoin, as one of the early adopters of Bitcoin. He found buying crypto in South Africa difficult, so built a platform for everyday investors in South Africa to buy and trade crypto.