Experts Discuss Regulatory Framework for Web 3.0 in Africa

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EMURGO Africa Unveils Groundbreaking Report on Africa’s Web 3.0 and its Transformative Potential

Nairobi, Kenya – Last Friday, EMURGO Africa, in collaboration with PwC, made a significant stride in the advancement of Africa’s digital landscape with the release of their highly anticipated report, “The State of Web 3.0.” This comprehensive study, developed over a period of six months, explores the cutting edge of Africa’s digital economy and presents a compelling vision of the continent’s untapped potential as a hub of soft power influence. The unveiling event, held in Kenya, gathered esteemed guests from government bodies, financial institutions, major corporations, and universities, highlighting the growing recognition of Africa’s role in shaping the future of technology.

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An integral part of the event was a thought-provoking panel discussion on the regulation of Web 3.0 in Africa, moderated by Mr. Shogo Ishida. Distinguished panelists included the former Chairman of the Capital Markets Authority of Kenya and the individual responsible for Compliance for Kenya at PwC. The session provided valuable insights into the regulatory framework necessary to support the development and widespread adoption of Web3 technologies across the continent.

In his endnote for the report, Mr. Shogo Ishida, Co-CEO of EMURGO Middle East and Africa, underscored the significance of digital innovation in Africa and the far-reaching implications of Web3 Soft Power. This notion surpasses mere technological advancements, encapsulating the transformative impact of Africa’s Web3 services and innovations, not only on the continent’s own underdeveloped infrastructure but also on the global stage.

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Mr. Shogo Ishida, Co-CEO of EMURGO Middle East and Africa

The report highlights the growing interest from venture capitalists, with over 40 investments executed in Africa. This reflects the rapid growth of the tech industry on the continent. Notably, the emergence of two Web3 unicorns serves as a testament to Africa’s expanding influence in the digital realm. Furthermore, the report unveils a remarkable increase in venture capital inflows, with Africa’s share rising from a mere 0.3% in 2021 to a noteworthy 1.8% of the global total. This staggering growth rate of 429% demonstrates the global recognition of Africa’s potential as a driving force behind Web3 innovations. Additionally, Web3 funding across Africa witnessed an unprecedented 1,668% growth from 2021 to 2022.

Africa’s adoption of Web 3.0 technologies is fueling exponential growth and expansion, poised to revolutionize various industries. The report highlights the transformative potential of Web3 technologies in sectors such as trade and industry, financial services and lending, supply chain management and logistics, as well as healthcare provision and accessibility. It provides an extensive array of findings that shed light on the innovative initiatives spearheaded across the continent.

With the release of “The State of Web 3.0” report, EMURGO Africa and PwC have provided invaluable insights into Africa’s digital economy and its capacity to shape the future of global technology. The unveiling event in Kenya emphasized the significance of collaboration between stakeholders to create an enabling environment for Web3 innovations throughout Africa.

As Africa accelerates its digital advancements, it becomes increasingly evident that the continent’s influence extends far beyond its borders. Web3 Soft Power positions Africa as a key player in the global digital economy, driving innovation and reshaping industries worldwide. The report serves as a compelling call to action, urging stakeholders to embrace the opportunities presented by Web3 technologies and contribute to Africa’s ongoing digital revolution.

For a detailed analysis and comprehensive findings, refer to “The State of Web 3.0” report, download the PwC-Emurgo Africa report here.

Share your thoughts on the recent PwE – Emurgo Africa Report on Web 3.0 and its transformative importance. If you have any development projects related to Web3, blockchain, or cryptocurrency in Africa, kindly send us an email at sales@cryptoafricanow.com.

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