The crypto registration scheme was made possible by the amendment of a law that gave the INSA power to supervise cryptographic products and transactions. The INSA claimed it had averted 97% of cyber-attacks leveled at the country since July 2021, saving Ethiopia roughly $26 million. Through its registration scheme, Ethiopia wants to be the first African country to offer investors protection from criminal crypto enterprises from a cybersecurity perspective. Ethiopia lags Kenya, South Africa, Egypt, and Nigeria with 1.8 million crypto holders. High black market prices for the scarce U.S. dollar encouraged crypto adoption through nine local exchanges in Ethiopia.

Source: Ethiopian News August 30, 2022 02:22 UTC