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CAC Extends Registration Deadline for PoS Operators in Nigeria to September

By
Ojukwu Emmanuel
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0
CAC

The Corporate Affairs Commission (CAC) has extended the deadline date for point-of-sale (PoS) operators in Nigeria to September 5, 2024.

This was announced by the commission in a statement signed by its management, announcing a 60-day extension, from the initial deadline date of 7th July 2024.

The CAC disclosed that the extension was to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.

This new extension comes with a stern warning that operators who fail to meet the new deadline date, will face a penalty and risk losing their business.

The CAC said,

“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales (PoS) Operators that the initial deadline of 7th July 2024 given for the registration of sole agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024.

“This is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses. Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities.”

Backstory

Recall that in 2013, the Central Bank of Nigeria (CBN) launched agent banking and point-of-sale systems to increase financial inclusion in the country. 

The financial system which aided in financial inclusion as well as easing financial transactions was however ravaged by fraudulent cases.

This spurred the CBN in January this year, to collaborate with the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN) to create a new feature on PoS terminals to flag fraudulent transactions.

To further mitigate the increased fraud cases, two months ago, the CAC announced that PoS agents of major fintech in Nigeria including OPay, Palmpay, and Moniepoint, among others, have been given a deadline of July 7, 2024, to register their business.

The Registrar-General of the commission Hussaini Magaji, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.

According to him, the registrations align with the legal requirements and the directives of the Central Bank of Nigeria, to safeguard the businesses of fintechs and customers and strengthen the economy. He elaborated on the benefits of registration, emphasizing that it goes beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements.

The action backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking aims to safeguard businesses and strengthen the economy.

It also came against the backdrop of frequent fraud incidents involving PoS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria.

It was reported in 2023 that PoS terminals accounted for 26.37 percent of fraud incidents, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.

Meanwhile, PoS agents have reacted to the order asking them to register with the CAC. While some agents agreed with the CBN, many said it would place more burden on the operators, especially those in rural communities.

High Volatility vs. Low Volatility Slots: Understanding the Differences

By
TI Partners
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0

Slot volatility refers to the frequency at which a slot machine gives a win to a player and the amount won each time. A high variance slot is one that gives a high figure of winning over a long period of time while a low volatility one gives small winning over a short period.  Sites such as vulkan vegas casino offer both options depending on the stakes the user wants to play at.

How to Determine a Slot Volatility

Every slot machine has the capability of having high or low volatility. It could also be medium, medium to high, or medium to low variance. Here are some tips to discover what each machine has:

  • Provided on the machine: some casinos provide this information on their site for the players to see. So you simply click on the information tab against the machine and you can find it
  • Google the specific machine: this is a good way to find the fluctuation however, it is advisable to check several sites just to be certain the information is correct.
  • Test out the machine: before wagering any real money, you play several test rounds on the slot to determine how often and how big a win you get. This will give you an idea of what type of gadget you are working with.
  • Bet amount: most high-variance machines limit the amount you can bet. This is because the win is quite large. It follows that the casino will want to control how much you can bet at a time. The lower ones allow for bigger amounts in line with the low returns per round.
  • Returns received: the high variances ones will allow for jackpots among other big reward systems. Conversely, the lower do not have these features.

Both the fluctuation slots have their attractive qualities. It is up to the wager to determine what type of thrill they seek before playing.

Differences in Variance

Volatility is also referred to as variance and the two terms are often used interchangeably to mean the same thing. As stated, the variance index can differ from one gadget to the other. It is up to the gambler to employ smart gambling techniques to be able to make the most winnings. Some of the main differences include:

  • The amount of winnings: high fluctuations in the slot machine will result in a high amount of money won by the punter. Thus when you wager and come up with a big winning, it is likely that your slot has an increased fluctuation index. On the other hand, should you keep getting small amounts of winning then you are playing on a machine with a reduced fluctuation index.
  • Duration of winning: a slot gadget that results in a win within a short period of time will be a low-volatility one. This is because the time spent between bets is relatively low before you are rewarded. Alternatively, should you play for a long time before getting a win, then the machine will be an increased fluctuating one.

How to Select the Variance Suitable to You as a Player

When placing bets at a punting house, everyone wants to win the most amount they can get away with. Understanding the different types of gadgets available to you will help you maximize the returns on your bankroll. Factors to consider include:

Risk appetite: the elevated variance games are preferable for an experienced punter. This is the type of player who can hold out and endure a period of no wins while knowing a big win is coming. On the other hand, if you have a small risk appetite it is advisable to focus on the low variance slots to enjoy the more frequent wins.

Bankroll size: for the wagers who are willing to bet on a sizable amount of money, then the increased variance slots would be more attractive. While those with a small amount are better suited to play on the low volatility games.

Purpose of playing: professional gamblers play to win big and recoup their bets from the casinos. Hence if you are a professional, you probably have tactics in place on how to maximize returns from your punts. You can therefore comfortably play on an elevated fluctuation gadget and wait out your returns. However, for the casual gambler seeking excitement and entertainment only you should probably focus on the low-level fluctuations just so that you do not risk losing all your money. Furthermore, you are probably playing for entertainment purposes hence hearing the winning chimes go off every so often will be a great motivation for you to continue wagering.

When punting, always make an informed decision to ensure you maximize your bets and get as much winnings from the experience as possible.

Japanese Metaplanet’s Strategic Bitcoin Play

By
Paul Ugbede Godwin
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0

In the dynamic world of cryptocurrency, strategic corporate maneuvers can create ripples across the market. A prime example of this is the bold move by Metaplanet, a Japanese firm that has recently made headlines with its significant investment in Bitcoin. This decision marks a pivotal moment in the integration of cryptocurrency into traditional corporate finance strategies in Japan.

Metaplanet, originally a budget hotel operator known as Red Planet Japan, has pivoted to become a Web3 developer, embracing the potential of blockchain technology. In a striking move, the company has added $6.56 million in Bitcoin to its balance sheet. This decision was driven by a desire to minimize exposure to the Japanese yen, which has been weakened by Japan’s prolonged low-interest-rate environment. The yen’s diminished status as a key global currency has prompted companies like Metaplanet to seek alternative assets like Bitcoin as a hedge against inflation and a tool for macroeconomic resilience.

The company’s strategy mirrors that of MicroStrategy, a Virginia-based software developer that began accumulating Bitcoin in 2020. MicroStrategy’s approach has been to use Bitcoin as an alternative to holding cash, viewing it as a hedge against inflation. Metaplanet’s adoption of Bitcoin follows a similar rationale, aiming to provide long-term capital appreciation for the company and its shareholders.

Metaplanet’s Bitcoin play is not just about diversifying assets; it’s also about seizing the digital market in Japan. By committing an initial ¥1 billion ($7.5 million) to Bitcoin, the company is positioning itself at the forefront of Japan’s digital economy.

This move is particularly significant given the preferential tax structure in Japan for crypto investments, which offers Japanese investors a more favorable environment to engage with cryptocurrencies. This aggressive investment strategy has led to Metaplanet being referred to as “Asia’s MicroStrategy,” highlighting the company’s commitment to integrating Bitcoin into its financial portfolio.

The company’s stock, however, has experienced volatility, with a significant drop following a decrease in Bitcoin prices. Despite this, Metaplanet’s shares remain significantly higher than at the beginning of 2024, indicating a strong market interest in their cryptocurrency strategy.

Metaplanet’s innovative approach to Bitcoin investment not only showcases the potential for digital assets to play a role in corporate finance but also signals a shift in the Japanese corporate landscape towards embracing Web3 technologies and cryptocurrency. As the digital market continues to evolve, Metaplanet’s Bitcoin play could pave the way for other firms to consider cryptocurrency as a viable component of their financial strategies.

The impact of Metaplanet’s investment has been palpable, with the company’s stock price soaring by 90% following the announcement. However, the volatile nature of Bitcoin’s price has also led to fluctuations in Metaplanet’s stock value. Despite these market dynamics, Metaplanet’s aggressive Bitcoin buying has earned it the moniker “Asia’s MicroStrategy,” highlighting its commitment to integrating cryptocurrency into its financial strategy.

Metaplanet’s Bitcoin acquisition is a clear indication of the growing acceptance of cryptocurrencies in corporate Japan. It reflects a broader trend of companies exploring digital assets as part of their treasury management. This strategic play by Metaplanet could pave the way for other Japanese firms to consider cryptocurrency as a viable component of their financial portfolios.

As the landscape of corporate finance continues to evolve, the intersection of traditional business and cryptocurrency will likely become more prevalent. Metaplanet’s Bitcoin play is a testament to the transformative power of digital currencies and their potential to redefine corporate asset management. It will be intriguing to watch how this integration progresses and what it means for the future of corporate investments in Japan and beyond.

The Umpire of Crypto Taxation is Booming

By
Paul Ugbede Godwin
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0

The landscape of cryptocurrency taxation is undergoing significant changes, reflecting the growing integration of digital assets into the global financial system. As governments around the world grapple with the challenges and opportunities presented by cryptocurrencies, regulatory bodies are stepping up to establish clear tax guidelines.

In the United States, the Internal Revenue Service (IRS) has finalized new regulations for crypto tax reporting, set to take effect in 2026. These regulations are part of a broader effort to standardize the reporting of gains from digital assets, akin to traditional financial instruments. The move aims to simplify tax compliance for crypto users and crack down on tax evasion, which has been a concern in the decentralized nature of digital currencies.

The finalized regulations stipulate those custodial platforms, such as exchanges that hold customer assets, will be required to provide standardized 1099 forms to both investors and the IRS. This aligns with the practices of banks and traditional brokerages, fostering a more transparent tax reporting process. However, decentralized platforms that do not hold assets directly are currently exempt, highlighting the unique challenges that the crypto industry presents to tax authorities.

The response from the crypto community to these new regulations has been mixed. While some view it as a necessary step towards legitimizing and stabilizing the market, others express concerns over the potential overreach and the difficulties in enforcing compliance among decentralized operations. The debate underscores the complexity of regulating a technology that inherently resists centralized control.

The tax implications of staking cryptocurrencies are becoming increasingly important as more investors engage in this activity. According to recent guidance from the IRS, staking rewards must be included in gross income for the taxable year in which the taxpayer acquires dominion and control of the awarded cryptocurrency. This means that when you receive new tokens as a reward for staking, you are required to report their fair market value as income on the date you gain the ability to transfer, sell, or use those tokens.

The process of staking involves committing your cryptocurrency to support a network and validate transactions, and in return, you earn rewards. These rewards are akin to earning interest on a savings account or dividends from stocks. However, unlike these traditional financial instruments, the tax treatment of staking rewards has been less clear until recently.

With the new IRS ruling, it’s evident that staking rewards are treated similarly to mining rewards, which have been taxable upon receipt for some time. This clarity helps taxpayers understand their obligations and ensures that they remain compliant with tax laws. It’s important for participants in staking to keep detailed records of their transactions, including the date and fair market value of any rewards received, to accurately report their income.

Despite the controversies, the establishment of clear tax rules is seen by many as a positive development for the industry. It provides a framework for investors to accurately report their transactions and could potentially lower the barrier to entry for new participants wary of the uncertain tax implications of crypto investments.

As the “umpire” of crypto taxation continues to evolve, it is clear that the dialogue between regulators and the crypto community will be crucial in shaping a fair and effective tax system for digital assets. With public hearings and comment periods allowing for industry input, there is an opportunity for a collaborative approach to regulation that balances the need for oversight with the innovative spirit of the crypto world.

The booming interest in crypto taxation reflects a maturing market that is increasingly intersecting with traditional financial systems. As this trend continues, it will be interesting to observe how the regulatory landscape adapts to accommodate the unique characteristics of digital assets while ensuring fairness and compliance in taxation.

Huawei Optimistic That China’s Innovation Will Overcome Advanced AI Chip Shortage Enabled by U.S. Sanctions

By
Samuel Nwite
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0

At the World AI Conference in Shanghai, Zhang Ping’an, CEO of Huawei Cloud, addressed the current challenges posed by the U.S. restrictions on advanced AI chip shipments to China, asserting that China’s ambition to lead in artificial intelligence (AI) remains undeterred.

“Nobody will deny that we are facing limited computing power in China,” Zhang stated. He acknowledged the significant hurdle posed by the U.S. ban on sales of advanced AI chips to China, including those from major players like Nvidia.

However, Zhang emphasized that reliance on these chips alone should not define the future of AI innovation in China.

“If we believe that not having the most advanced AI chips means we will be unable to lead in AI, then we need to abandon this viewpoint,” he said.

Huawei, which has been placed on the U.S. Entity List, has developed its own AI chip, Ascend, as a strategic response to these restrictions. While the Ascend AI chip is currently considered inferior in computing power compared to Nvidia’s offerings, it is widely used within China to train AI models.

Zhang called for innovative solutions that focus on cloud computing, suggesting that improvements in computing architecture could compensate for the lack of cutting-edge AI chips. He also highlighted the importance of a converged approach that integrates cloud, edge, and networks to enhance efficiency and reduce energy consumption.

The World AI Conference: A Showcase of China’s Resilience and Innovation

The World AI Conference saw numerous Chinese tech companies, from industry giants to startups, demonstrating their latest innovations and reaffirming their support for China’s AI sector despite the sanctions. More than 150 AI-related products and solutions were exhibited, with a few international firms such as Tesla and Qualcomm participating.

Notably, SenseTime, a company previously focused on facial recognition technology, showcased its new generative AI product, SenseNova 5.5, which aims to rival OpenAI’s GPT-4 in areas like mathematical reasoning.

Meanwhile, China has also unveiled ambitious plans to expand its national computing capacity significantly. At the Global Digital Economy Conference 2024, Wang Xiaoli of the China Academy of Information and Communications Technology revealed that China currently operates over 8.1 million data center racks, with a combined processing power of 230 exaFLOPS.

The nation aims to increase this capacity by 30% within the year, targeting 300 exaFLOPS by 2025. This ambitious growth plan underscores China’s commitment to overcoming the limitations imposed by U.S. sanctions and continuing its push toward AI leadership.

The United States has maintained a lead in the AI race largely due to its access to the most advanced AI chips, which are crucial for high-performance computing and training complex AI models. Companies like Nvidia, with their cutting-edge GPU technology, have given the U.S. a significant advantage. This has enabled American firms to dominate in fields such as machine learning, natural language processing, and computer vision.

Despite the chip constraints, China’s efforts in AI innovation demonstrate resilience and the potential to challenge U.S. dominance. Huawei’s development of the Ascend AI chip and its focus on cloud computing are strategic moves to mitigate the impact of U.S. sanctions. The company is leveraging its vast resources and innovative capabilities to create alternative solutions that can support the country’s AI infrastructure.

Moreover, the Chinese government’s significant investments in AI research and development, coupled with its plans to expand national computing capacity, indicate a strong commitment to advancing its AI capabilities. This is underlined by the target of reaching 300 exaFLOPS by 2025, widely regarded as an aggressive push to enhance computing power, which is essential for AI development.

The dynamic between the U.S. and China in the AI sector is likely to intensify as both nations continue to invest heavily in technology and innovation.

China is also pushing forward with a global AI ambition, particularly for regions like Africa. Chinese technology firms are increasingly looking towards Africa as a potential market for its EVs and other tech innovations, given the constraints in the U.S. and European markets.

While the U.S. currently enjoys a lead due to its chip advantage, China’s comprehensive strategy encompassing chip development, cloud computing, and international market expansion positions it as a formidable competitor.

The outcome of this technological rivalry will significantly influence the global AI industry. If China successfully overcomes the chip constraints and leverages its strengths in other areas, it could narrow the gap with the U.S. and potentially set new benchmarks in AI innovation.

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