Kenya’s Battle Against Crypto Scams: Stakeholders Extend Feedback Period for VASP Bill

12 Responsible consumption and production, 16 Peace, justice and strong institutionsLeave a comment

The rampant proliferation of cryptocurrency scams in Kenya, leading to the defrauding of millions, underscores a pressing need for crypto regulatory frameworks. This urgent issue was addressed during a crucial stakeholder meeting convened in Nairobi on February 16th 2024, organized by the Blockchain Association of Kenya (BAK), alongside Impact Plus and Polygon Labs. The primary agenda of the gathering was to announce an extension to the feedback period for the draft of the Virtual Asset Service Provider (VASP) bill. Mandated by the National Assembly’s Finance and National Planning Committee in November 2023, this bill aims to tackle the challenges posed by the lack of regulation in the cryptocurrency sphere in Kenya. The Importance of Regulation: The lack of regulation in Kenya’s cryptocurrency industry has paved the way for unscrupulous individuals to exploit unsuspecting citizens. With no legal framework in place, fraudulent activities have flourished, tarnishing the reputation of cryptocurrencies and causing financial harm to many. In a recent publication by Citizen.digital, Directorate of Criminal Investigation (DCI) issued a warning as Kenyans fall victim of online cryptocurrency investment scam. According to Nations.Africa; “Official data from the Information, Communications and Technology ministry last year indicated that fraudsters made Sh13.2 billion off thousands of Kenyans who thought they were purchasing cryptocurrencies.” Recognizing this urgent need, the VASP bill aims to establish comprehensive regulations to govern the crypto landscape in Kenya. Its objectives are twofold: to protect citizens from scams and to create an environment conducive to legitimate crypto businesses, ultimately fostering economic growth. Initially slated for release in February, the VASP bill’s feedback period has been extended due to the growing interest from a diverse range of stakeholders. This includes government agencies, international organizations, and the private sector. The decision to extend the feedback period underscores the importance of incorporating input from all relevant parties to ensure that the final legislation is robust and effective. During the stakeholder meeting Chairman Michael Kimani reiterated the significance of the VASP bill in combating cryptocurrency-related scams. He emphasized that the bill represents a crucial milestone in addressing the rampant fraud that has plagued Kenyans. Kimani highlighted the urgent need for regulatory frameworks to safeguard the public from further financial harm. In conclusion, the extension of the feedback period for the VASP bill signifies a significant step towards addressing the challenges facing Kenya’s cryptocurrency industry. Through comprehensive regulation, the country aims to protect its citizens while creating an environment conducive to legitimate crypto businesses. It’s a pivotal moment in Kenya’s journey towards harnessing the benefits of cryptocurrencies while mitigating the risks associated with them.

A Glimpse into the French Ministry Visit

16 Peace, justice and strong institutions, 17 Partnerships for the goalsLeave a comment

Impact Plus facilitated a key meeting between the French Minister for Digital & Telecom, Jean-Noël Barrot, and Polygon Labs’ experts, Mihailo Bjelic & Antoni Martin. This meeting aimed to combine diverse expertise and innovative ideas. It was a productive and inspiring discussion focused on exploring how Polygon’s infrastructure and ecosystem can contribute to France’s role as a Web3 revolution leader.  The collaborative spirit fostered in this meeting holds promise for progressive legislation, supporting French start-ups, and advancing in the dynamic web3 space. Together, we aim to build a sustainable and inclusive digital economy, fostering a brighter future for the next internet generation. Our shared dedication to youth protection ensures technology is harnessed for positive impact, creating a safer online environment.  Activity:French Ministry of ICT Visit When:22/07/2023 Where: French ICT Ministry

Exploring Web3 Compliance and Regulations in Africa

04 Quality education, 09 Industry, innovation and infrastructure, 12 Responsible consumption and production, 16 Peace, justice and strong institutionsLeave a comment

In the ever-changing world of blockchain technology, compliance with regulations is crucial for innovation and growth. This series of events explored the rules and regulations affecting blockchain in Kenya and Nigeria, shedding light on their complexity and what they mean for those involved in the Web3 ecosystem. In Kenya, the Capital Markets (Amendment) Bill has raised questions, especially concerning cryptocurrency taxation. An event in Nairobi, attended by over 150 professionals and co-sponsored by Binance and Tether, addressed these issues. Paulo Ardoino, CTO of BitFinex Tether, gave a keynote speech emphasizing transparency, compliance, and regulation. The event also examined global cases like El Salvador and CAR, offering insights into progressive decentralized finance initiatives. In Nigeria, a Compliance and Regulation Panel Discussion attracted 83 attendees and included an introduction to blockchain technology. A panel of experts, including Ogedegbe Uyoyo, Chioma Onyekelu, Kizito Uzor, Adebayo Fabamise, and Chukwuemeka Mbaebie, discussed the importance of legal, ethical, and security standards in blockchain. The event provided a detailed look at Nigeria’s regulatory environment and how it affects daily crypto activities. The importance of understanding regulations was also highlighted in Kenya during a session hosted by Polygon Labs and Impact Plus. Local thought leaders like Sselina Onyando and Robert Muoka emphasized how Kenyan rules impact startups and NGOs using blockchain technology. The shared belief was that proper regulation is essential for a successful blockchain ecosystem. Overall, these activities emphasized the connection between compliance, regulations, and technology. By exploring blockchain’s potential within these legal frameworks, stakeholders are guided towards a sustainable and inclusive digital future. Activity: Web3 Compliance and Regulation in Africa (series) When: January 27th, July 18th, August 22nd, 2023 Where: Kenya and Nigeria

Blockchain for Impact at Harvard Belfer Center

09 Industry, innovation and infrastructure, 16 Peace, justice and strong institutions, 17 Partnerships for the goalsLeave a comment

The Blockchain for Impact Workshop, a groundbreaking event that took place on April 25th, was hosted at Harvard University’s prestigious Belfer Center, renowned as one of the world’s foremost think tanks. The workshop was a pivotal component of the Technology and Public Purpose Project, an initiative aimed at exploring the intersection of technology and societal advancement. Throughout the day-long workshop, participants engaged in insightful discussions that delved deeply into the transformative power of blockchain technology within three vital spheres: (1) International Development, (2) Public Goods, and (3) Regenerative Economy. These domains were explored through the lens of blockchain’s potential to catalyze positive social change and drive meaningful impact on a global scale. The event’s success was attributed, in no small part, to the efforts of Impact Plus, the driving force behind the workshop’s organization. Impact Plus orchestrated a series of thought-provoking panel discussions, each featuring luminaries and domain experts from distinguished institutions such as Harvard, Massachusetts Institute of Technology (MIT), and the United States Agency for International Development (USAID). However, the discourse extended beyond academia, with vibrant contributions from burgeoning start-ups like Polygon Labs and trailblazers in the realm of layer one protocols. Amidst the intellectual fervor, a particularly noteworthy highlight was a captivating lecture presented by the Ministry of Digital Affairs from Taiwan. The lecture centered on the theme “Web3 as a Digital Public Good in Taiwan,” offering a unique international perspective on how blockchain technology can revolutionize governance and enhance public services. This distinctive insight provided a global context, enriching the discourse with an understanding of the diverse ways in which blockchain can shape the future of governments and societies. The Blockchain for Impact Workshop stood as a testament to the potency of collaborative endeavors at the nexus of academia, industry, and government. With its multifaceted exploration of blockchain’s potential to usher in positive change across critical domains, the workshop not only expanded intellectual horizons but also kindled a sense of collective responsibility to harness technology for the greater good. As the sun set on the event, participants departed with a renewed sense of purpose, armed with insights that held the promise of shaping a more equitable and impactful future.  

Compliance and Regulation in the Kenyan Web3 Ecosystem

01 No poverty, 09 Industry, innovation and infrastructure, 16 Peace, justice and strong institutions, 17 Partnerships for the goalsLeave a comment

The Capital Markets (Amendment) Bill in Kenya has raised concerns among the cryptocurrency community about its potential impact on cryptocurrency taxation. We addressed these issues in an event attended by over 150 professionals in Nairobi and co-sponsored by Binance and Tether. The event focused on transparency, compliance, and regulation in the Web3 space. Paulo Ardoino, CTO of BitFinex Tether, delivered an online keynote emphasizing the company’s commitment to these elements. Other speakers discussed the theoretical framework of cryptocurrency regulation and the importance of fair taxation, highlighting past challenges as learning opportunities and forward-thinking jurisdictions such as El Salvador and CAR as leading the way in decentralized finance.  Compliance and Regulation in the Kenyan Web3 Ecosystem When: 27th January, 2023 Where: Africa Blockchain Centre, Nairobi, Kenya

Onboarding NGOs to web3

09 Industry, innovation and infrastructure, 16 Peace, justice and strong institutions, 17 Partnerships for the goalsLeave a comment

In partnership with the South African Department of Social Development, Impact Plus hosted a meet-up aimed at onboarding NGOs to Web3. Discussions revolved around basic elements of Web3, such as  wallets, NFTs, DAOs and DeFi, all of which are useful for running daily organizational operations as well as for fundraising. The workshop was oversubscribed with 29 organizations. Impact Plus blockchain specialists and other industry insiders provided free resources and offered follow-up mentoring sessions.  Activity: Onboarding local NGOs to web3 When: 16 september 2022 Where: SouthAfrica, Cape Town

Gender Hackathon

05 Gender equality, 10 Reduced inequalities, 16 Peace, justice and strong institutionsLeave a comment

We at Impact Plus are dedicated to bringing more women into the Web3 space and believe that blockchain can be used as a force for gender equality. We’re lucky to have the support of experts on women’s empowerment, such as Lonah Mueni Wanjama of Mercy Corps, who spoke at our recent Gender Hackathon. This three-day event brought together people from different backgrounds and teamed them together with gender experts to tackle the most pressing issues faced by women in our industry. A number of organizations participated, including Binance and Harmony. The winners’ outfit was named “FemCent” – a female-centered, blockchain savings and investment platform with the mission of proffering crypto-investment opportunities to chamas. The Kenya Gender Hackathon spanned over three days at iHub in Nairobi. The event gathered 93 participants into 20 gender diverse teams of developers, gender experts and idea-generators. As a result of the January gender meetup, women encouraged other women to join the event. The dev training also sharpened their skills for the Hack! The event opened with a keynote speech by Mercy Corps’ gender advisor Lorna Mbogo bringing to our attention the currently limited trajectory of women in tech and howx that path can change through blockchain adoption. Following the keynote addresses, a discussion on gender issues was held between blockchain and gender experts, moderated by Professor Shelby Darnell from Strathmore College. The panel discussion brought topics that challenged conventional thinking on education, health, business opportunities, gender-pay gap, power, and influence. A globally and locally joined team of mentors provided direction to the teams, virtually and in person. In addition to the panelists, the mentors included Ferran Prat, Vincent Sipoi, Frank Tamre, and Marios Isaakidis among others. Mentors assisted the teams in developing essential technical and non- technical features of their projects. Top 5 Teams:  @FemcentKenya is a female-centered financial platform using blockchain to create a secure, decentralized solution for women to access investment options, capital/loans, as well as integrating with other local women’s savings communities. @SamakiZetu combats the women sex trade for fish by securing the fish supply chain. Samakizetu leverages blockchain to track fish from the source to the final consumer with the help of QR codes providing fisherwomen an increase in income and asecure employment opportunity.  @SupaLipaKe provides financial security for women in the informal sector recognizing that in sub-saharan Africa alone, women make up 3 out of 4 workers in the gig economy. The application leverages blockchain technology to transform how payments are made in this sector ensuring secure,guaranteed payments to workers, and service delivery to clients. @SafePG is a one-step health hub providing young women in low-incomeareas with potential maternal health care facilities and service providers in abid to increase dissemination of health information and promote maternal literacy.  @Nabo4all champions the education and empowerment of women affected by female genital mutilation (FGM) through decentralized, streamlines, and traceable access to funding for organizations combating FGM.Congratulations to the winners!