Cryptocurrency giant Blockchain.com expands its reach towards Africa, capitalizing on evolving regulatory environments.
In the rapidly evolving world of cryptocurrency, Africa is emerging as a significant player, with key countries taking distinct approaches to regulation. This week, Blockchain.com, a leading UK-based crypto exchange, announced its expansion into African markets, seizing opportunities in the continent's burgeoning crypto landscape.
Ghana Prepares to License Crypto Exchanges
Ghana is gearing up to officially license crypto exchanges, with a regulatory framework expected to pass through parliament by September 2025. This move is anticipated to encourage cross-border trading, attract investments, and improve financial data collection. The Bank of Ghana has adopted a whole-of-government approach, coordinating with multiple agencies to oversee crypto regulation [1][2].
Nigeria Embraces Structured Regulation
Nigeria, often referred to as the "fastest-growing market" for Blockchain.com in West Africa, is advancing its regulatory framework through the Investment and Securities Act (ISA) 2025. This legislation classifies crypto businesses into four major categories, including Virtual Asset Service Providers (VASPs) such as crypto wallets and payment gateways. The sector is recognised as significant but flagged for potential risks to financial stability by the IMF [4].
South Africa Faces Regulatory Uncertainty
South Africa, while taking steps towards crypto regulation, finds itself in a state of regulatory uncertainty. A recent court ruling determined that cryptocurrencies do not fall under current exchange control regulations, creating a regulatory gap. However, the Reserve Bank's appeal and suspension of the ruling means that legislative reforms are needed to address crypto regulation comprehensively [3].
Kenya Pioneers CBDCs and Regulated Platforms
Kenya, noted as being ahead in Africa’s crypto space, is pioneering Central Bank Digital Currencies (CBDCs) and launching regulated crypto exchanges. This progressive stance towards crypto adoption and oversight positions Kenya as a leader in the region [2].
Blockchain.com's Strategic Market Entry
Amidst this evolving regulatory landscape, Blockchain.com is establishing an office in Nigeria, signaling strategic market entry aligned with growing regulatory clarity and adoption in Africa's largest economy [4]. Applying for a license in Nigeria is a "top priority" for Blockchain.com, according to Owenize Odia, general manager for Africa operations at the company. The company also plans to establish a physical office in Nigeria this quarter [5].
A Cautious Embrace of Crypto
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. African countries are cautiously opening the door to crypto regulation, with the Securities and Exchange Commission (SEC) in Nigeria announcing that exchanges like Yellow Card Financial Inc. are seeking permits to operate, following the recent passing of a new investment and securities law allowing for the licensing of crypto exchanges in Nigeria [6].
Blockchain.com boasts an impressive user base, with 37 million verified users, 92 million wallets, and $1 trillion in transactions [7]. The company's expansion into Africa targets not only Nigeria but also Ghana, Kenya, and South Africa, reflecting its commitment to capitalising on the continent's growing crypto market.
[1] "Ghana to regulate crypto exchanges by September 2025." Cointelegraph, 2025. [2] "Kenya leads Africa in crypto adoption and regulation." CoinDesk, 2025. [3] "South Africa's crypto regulation in limbo after court ruling." Reuters, 2025. [4] "Blockchain.com to establish office in Nigeria amid crypto boom." TechCrunch, 2025. [5] "Blockchain.com eyes Nigerian market with physical office." Business Day, 2025. [6] "Nigeria's SEC approves licensing of crypto exchanges." The Guardian, 2025. [7] "Blockchain.com: 37 million users, 92 million wallets, $1 trillion in transactions." Yahoo Finance, 2022. [4] "IMF flags potential risks of crypto to Nigeria's financial stability." The Punch, 2025.
- As Blockchain.com expands into Africa, with strategic market entry in Nigeria and plans to establish a physical office, the company is capitalizing on the continent's growing fintech sector, which is heavily grounded in technology and finance, and is intertwined with the burgeoning cryptocurrency industry.
- Ghana's decision to officially license crypto exchanges is anticipated to foster cross-border trading, attract investments, and improve financial data collection, integrating the country's finance and technology industries within the global fintech landscape, and further encouraging the growth of the cryptocurrency industry.
