Many African governments are creating crypto laws to attract investment, encourage innovation, and protect consumers. Countries on the continent now recognize the need for clear laws to mitigate risks such as fraud and money laundering.
Africa Countries Set to Create a Safe Digital Financial System
The Governor of the Bank of Ghana recently announced that Ghana will finalize its cryptocurrency regulations by the end of 2025. This is an important step in Ghana’s financial development.
Once these laws are in place, Ghana will join nine other African countries that already have rules for digital assets. These countries are Nigeria, Rwanda, Kenya, Tanzania, Seychelles, Mauritius, Botswana, Namibia, and South Africa.
This growing list shows Africa’s commitment to creating a safe and sustainable digital financial system. Countries like Nigeria and South Africa have established rules for crypto exchanges and guidelines for blockchain startups. Mauritius and the Seychelles have also become attractive destinations for digital innovation.
This proactive approach supports the African Union’s digital transformation strategy, which focuses on technology-driven growth and financial inclusion.
Blockchain.com Eyes Africa Expansion
In May, Blockchain.com announced its plans to expand its operations to Africa. This comes as some countries on the continent begin to explore clearer rules for digital assets. With government support, Africa could become more integral in the global cryptocurrency world.
Interestingly, the global crypto platform has set its sights on Nigeria as its key market in West Africa. According to Owenize Odia, the company’s general manager for Africa, Nigeria is Blockchain.com’s fastest-growing market.
While Nigeria leads the way, other African countries are also ensuring crypto regulation. Odia affirmed that Ghana’s central bank has published draft guidelines that could lead to full regulation by the end of 2025. This announcement comes just a week after Kenya passed its own crypto regulatory framework. Undoubtedly, these efforts signal a growing shift across Africa toward formal oversight of the digital asset industry.
South Africa Drives Growth Through DeFi
It is also worth noting that South Africa is currently at the forefront of the continent’s crypto transformation. It is leading in developing the decentralized finance (DeFi) space. A report from the Financial Sector Conduct Authority (FSCA) revealed that DeFi markets in South Africa are expanding quickly.
The country has over $28 million in total value locked (TVL) in DeFi services, which is expected to grow to $180 million by 2028. The top areas of DeFi use in South Africa include payments, lending and borrowing, and decentralized exchanges.