The Nigerian Securities and Exchange Commission (SEC) has announced plans to fast-track crypto licensing in 2025, a move that could bring much-needed regulatory clarity to the country's burgeoning cryptocurrency industry. This development comes five months after the SEC issued the country's first provisional crypto licenses, with industry insiders speculating that the regulator is taking its time to process the high volume of applications received during the June 2024 application call.

However, the SEC has informed compliance officers that it aims to expedite its processes to help crypto startups move toward full licensing. This is a welcome development, given the challenges that crypto companies face in Nigeria, where the lack of a defined framework has led to a Wild West industry. The regulator's decision to collaborate with experienced operators has helped make some progress, with data protection and monitoring becoming key compliance standards in the sector.

In other news, Startbutton, a business that helps companies set up shop in new countries without physical offices, has expanded into seven Francophone markets – Benin, Togo, Senegal, Mali, Guinea Conakry, Burkina Faso, and Cameroon. This move is expected to facilitate payments and tax compliance for businesses operating in these markets, where language barriers and limited payment infrastructure have hindered growth.

Startbutton's expansion into Francophone Africa is a strategic move, given the region's growing middle-class population with disposable income. The company will target travel, education, and digital services businesses in French-speaking markets, providing them with a seamless way to collect payments and remit taxes in countries they wish to expand into without the need to set up physical offices.

The development is also significant, given the growing interest in Francophone Africa among African startups. MDaaS, a healthcare startup, and Omniretail, the Nigerian e-commerce startup, have recently expanded into the Francophone market, highlighting the region's potential for growth.

In related news, Khazna, an Egyptian fintech startup, has raised $16 million in pre-Series B funding, while LNKO, a Moroccan omni-channel D2C eyewear startup, secured an undisclosed strategic equity investment from Beltone Venture Capital. Cameroon-based fintech IWOMI raised an undisclosed amount in funding from Baobab Network, and Simplex, an Egypt-based CNC machine manufacturer, secured $13 million in funding led by Saudi Arabia's National Industrial Development Centre.

These developments highlight the growing interest in African tech and the potential for growth in the region. As the industry continues to evolve, it will be interesting to see how regulators, startups, and investors navigate the complexities of the African tech landscape.