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- Crypto regulations in Africa are improving, prompting Blockchain.com to expand its presence in key markets.
- Nigeria leads Blockchain.com’s growth in West Africa, with a new licensing law boosting the market.
- The DeFi market in South Africa is experiencing fast growth and is expected to reach $180 million by the end of 2028.
Blockchain.com, a well-known crypto wallet and exchange, is increasing its presence in Africa as the rules for digital assets start to change. According to a report by Bloomberg, the company is enthusiastic about countries where crypto regulations are improving. Blockchain.com believes that Africa has great potential, partly due to upcoming changes in regulations that could quickly transform the market.
Owenize Odia, Blockchain.com’s General Manager for Africa, stated that the company is focusing on Nigeria, Ghana, Kenya and South Africa. Blockchain.com’s plans include opening a permanent office in Nigeria by the second quarter of this year. Odia mentioned that Nigeria is quickly becoming the company’s strongest market in West Africa, due to the country’s dedication to rules regarding cryptocurrencies.
Although African countries previously blocked or closely supervised trading in crypto, a few are starting to change their approach. Nigeria has just passed legislation permitting crypto exchanges to be registered and licensed. The new regulation should lead to a more stable market for businesses working in crypto. Blockchain.com aims to make use of the opportunities afforded by the new regulations.
Crypto Guidelines in Ghana
Ghana is looking to implement new rules for cryptocurrencies. The central bank has recently proposed guidelines aiming to govern cryptocurrencies and supporting platforms by the end of 2025. The government of Kenya is still looking for ways to manage the crypto market properly. The government is carrying out detailed research to assess the consequences before making official choices.
South Africa is fast becoming a leading country in the field of decentralized finance (DeFi). A report published by the Financial Sector Conduct Authority highlights that the DeFi sector in the country is expanding rapidly. About $27 million worth of assets are locked on DeFi platforms. By 2028, the market might reach $180 million in value. The main uses of DeFi in South Africa are for making payments, offering loans and using decentralized exchanges.
South Africa’s DeFi market may be small compared to the global market, but it is quickly developing. The platform has already locked up more than 7 billion virtual dollars, with predictions showing it could reach as much as 180 billion by 2028. Over 50% of DeFi uses are related to payments, while lending and borrowing take up about 47.6%, and decentralized exchanges hold 33%.
