South Africa is about to make a significant leap in cryptocurrency regulation, marking a first not only for the country but for the entire African continent. According to Bloomberg, citing Unathi Kamlana, head of the country's Financial Sector Conduct Authority, about sixty cryptocurrency trading licenses are expected to be issued by the end of March 2024.
This development comes at a time when Bitcoin, the leading digital currency, is experiencing record values. It represents a significant shift for the African continent, where users of digital currencies have so far had to rely on international platforms for their transactions. South Africa's move aims to incorporate crypto assets into the national financial regulatory framework, making obtaining these licenses mandatory for operating platforms.
The demand for these licenses underscores the growing interest in the sector, with over 300 service providers applying for accreditation in South Africa alone. Despite Africa accounting for only 2.5% of global cryptocurrency transactions, the continent recorded $117 billion in transactions from June 2022 to June 2023. This surge is attributed to the depreciation of currencies in key African economies and a renewed interest in Bitcoin, which remains high in value despite losing nearly a third of its price since November 2021. This resurgence is partly due to major players like BlackRock entering the market, the world's largest asset management firm.
South Africa's steps towards crypto regulation mirror trends in financially linked markets like the US and the UK. Meanwhile, other African countries show more modest advancements. The Central African Republic, despite adopting Bitcoin as legal tender, has seen little in the way of new developments. Nigeria's Securities and Exchange Commission has issued new regulations for digital assets, seeking a middle ground between outright bans and unregulated use. However, challenges faced by major trading platform Binance indicate a step back. In Kenya, another significant cryptocurrency market in Africa, progress remains slow.
Over the past two decades, mobile money has grown into a cornerstone of African finance. Driven by i...
• ECOWAS plans a rapid deployment brigade of 260,000 troops costing $2.5bn annually.• The force...
It’s a common scene in any Lomé (Togo) market, but it’s telling. A customer hands a 10,000 CFA franc...
On August 31, 2025, the ruling coalition in Benin Republic—comprising the Union Progressiste pour le...
Nigeria eyes $671m data center market by 2030, seeks Chinese investors. Rising mobile da...
As Africa's digital transformation accelerates, cybersecurity has become a critical concern. Essential services, from critical infrastructure and public...
EU suspends Malian mango exports over fruit fly concerns 80% of Mali’s $11M mango exports go to EU market Mali launches review to restore...
Andrada starts 14,000m lithium drilling at Namibia's Lithium Ridge SQM funds $7M program, may invest up to $40M total Drilling tests 120...
BRVM lists $98M social bond for affordable housing, Sept. 3 Bond supports low-income housing, rated top social grade by Moody’s First UEMOA...
The Mount Nimba Nature Reserve, a true cross-border treasure, stretches across Guinea and Côte d’Ivoire, at the edge of Liberia. It is dominated by an...
• Grand Egyptian Museum to open November 1 near Giza Pyramids• TikTok named official digital partner for live-streamed ceremony• GEM to display 100,000+...