Venom Blockchain plans new solutions to ease Fiat Exchange barriers in Africa
Kenya is close to passing an important law called the Virtual Asset Service Providers (VASP) Bill 2025. This new law is designed to protect users by preventing fraud in the crypto exchange market. It also aims to make it easier for everyone to use cryptocurrencies, even those who are not tech-savvy. The bill will help people obtain foreign currency more easily, ensure fair and transparent transaction fees, and protect users' funds. These measures will greatly reduce the risks commonly associated with cryptocurrency exchanges.
Since 2023, the Venom Foundation has helped blockchain companies work within existing regulations. Venom's experts have been involved in professional discussions about officially adopting blockchain technology in financial systems. Through this work, the foundation is committed to creating secure and reliable financial solutions specifically for the African market.
A major part of Venom's plan is developing blockchain-based solutions for cross-border payments in Africa. Currently, cross-border transactions in Africa often face challenges such as high costs, long delays, and complicated procedures. Additionally, these transactions often happen in a regulatory grey zone, putting users' assets at risk. Venom's new solutions will address these problems by significantly lowering transaction costs, improving security, and simplifying trade between African countries. By using blockchain technology, Venom aims to make transactions fast, secure, and fair, greatly improving economic efficiency and access to financial services across the continent.
Venom Foundation also sees broader economic opportunities from widespread blockchain use. According to the foundation, strong blockchain infrastructure can attract global technology companies to Africa. This would lead to new partnerships, investments, and innovative growth. Africa is especially well-positioned for this because it has a large, young workforce. In Kenya alone, about 35.7 million out of 47.6 million people are under 35 years old. Many young people hold degrees in business, IT, and engineering, providing a talented workforce ready to support technological growth.
Furthermore, Venom's blockchain solutions can support small and medium-sized businesses, which are essential for economic growth in key African countries such as Kenya, Nigeria, and South Africa.. By providing easy access to affordable and reliable financial services, these businesses can grow faster, create more jobs, and strengthen local economies. Blockchain technology will also enhance transparency in financial transactions via unbiased, automated processes without human intervention, reducing corruption and building greater trust among citizens, businesses, and governments.
To encourage this potential, Venom plans to work closely with international blockchain companies interested in expanding to Kenya and other African countries. The foundation aims to boost economic growth and create new jobs by bringing in foreign investment and promoting innovation alongside local talent and businesses.
By solving the issues of fiat currency exchange and building blockchain-based financial systems, Venom Foundation is ready to transform Africa's financial landscape. This will unlock significant economic potential and support long-term economic growth across the continent.
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