UK-based crypto exchange Blockchain.com is expanding into African countries rolling out regulatory frameworks for digital assets.
- The company plans to establish a physical office in Nigeria this quarter, calling it its “fastest-growing market” in West Africa.
- Other target markets include Ghana, Kenya, and South Africa, where crypto regulation is beginning to take shape.
Why it matters
African countries are cautiously opening the door to crypto regulation, providing opportunities for global players like Blockchain.com to gain early ground.
“Nigeria has taken meaningful steps toward creating a clear framework for crypto,” said Owenize Odia, general manager for Africa operations at Blockchain.com.
Driving the news
- Nigeria recently passed a new investment and securities law allowing for the licensing of crypto exchanges.
- Exchanges like Yellow Card Financial Inc. are now seeking permits, according to the SEC.
- Ghana’s central bank has released draft rules, aiming to start regulating crypto platforms by September 2025.
- Kenya is still in the research phase, while South Africa has taken steps but remains cautious.
The big picture
- Despite crypto trading being illegal or restricted in much of Africa, young people and businesses are turning to crypto as a hedge against currency instability.
- Odia said applying for a license in Nigeria is a “top priority”.
By the numbers
- Blockchain.com was valued at $14 billion in 2022.
- The company claims 37 million verified users, 92 million wallets, and $1 trillion+ in transactions.
Source: Bloomberg
