Licensed, banned, undecided? Here’s the state of crypto licensing in Africa
- Botswana became the first African country to issue a crypto license with the Virtual Assets Act in 2022.
- South Africa's Financial Sector Conduct Authority approved 248 crypto licenses by the end of 2024.
- Nigeria lifted its blanket ban on cryptocurrencies in December 2023, allowing provisional licenses to be granted.
The evolving landscape of cryptocurrency regulation in Africa presents both opportunities and challenges. While some countries are making significant strides towards formalizing crypto frameworks, others remain hesitant or outright prohibitive. This disparity could lead to a fragmented market, where innovation flourishes in more progressive jurisdictions while stifled in others, highlighting the need for a cohesive continental strategy to harness the potential of digital currencies.
