According to RFI, Justin Gourna Zacko, the minister of Digital Economy, Post, and Telecommunications, submitted the cryptocurrency bill on Thursday, which was overwhelmingly passed by parliamentarians despite objections.

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The crypto law intends to provide a conducive climate for the crypto sector's inclusive expansion in the area. Minister Zacko also mentioned the increasing difficulty in transporting money out of the African country and expressed his belief that crypto acceptance will aid in fixing the problem.

According to reports, the new law would allow individuals and enterprises to make crypto payments and tax payments in crypto through approved institutions.

The new crypto legislation also includes penalties for anyone who breaches the rules. According to one source, offenders might face up to 20 years in prison and fines ranging from 100 million to 1,000 million Financial Community of Africa (CFA) francs.

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Kraken crypto trading authorized in UAE

Kraken, a crypto exchange based in California, is the second virtual asset platform after Binance to get legislative clearance to function in the Abu Dhabi Global Market international financial hub and free zone (ADGM).

In a CNBC discussion, Curtis Ting, Kraken's managing director, discusses the necessity of broadening trading pairings to local currencies rather than utilizing the usually accessible US dollar or British pound in global markets.

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Kraken hopes to further engage with local banks and payment service providers with the new operations license in Abu Dhabi. This, according to Ting, will assist the crypto exchange in bringing worldwide liquidity to the United Arab Emirates.

Ting noted that "the industry is prepared and they've been yearning for a regulated product like ours," citing Dubai's high trade volumes of upwards of $25 billion worth of bitcoin yearly. Kraken will provide local investors with United Arab Emirates dirham (AED) pairings while functioning as a completely authorized crypto exchange.

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In addition to Abu Dhabi, Binance, a competitive cryptocurrency exchange, has received regulatory clearance from two additional Middle Eastern countries: Bahrain and Dubai.

Local firms have begun to enter the realm of cryptocurrencies, in addition to the entry of regulated enterprises in the Middle East.