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How Is Crypto Regulation Shaping Up In The 2nd Largest Continent in the World?
- Crypto regulation landscape in Africa is diverse, with 54 countries, over 1 billion people, and six major languages.
- Nigeria is one of the countries that made major strides in crypto regulation in 2024 with SEC's Digital Assets Rules.
- In August 2024, Nigeria's Securities and Exchange Commission announced it had granted licenses to two crypto exchanges, Quidax and Busha.
- South Africa made a big move in crypto regulation this year after the FAIS Act approval in 2023.
- Mauritius is the only country in Africa that complies with all forty recommendations of the Financial Action Task Force (FATF).
- Seychelles passed the Virtual Asset Service Providers Bill 2024 that regulates token issuers and licensing VASPs. Cryptocurrency companies operating in Seychelles have until 31st December 2024 to apply for the relevant licence.
- Tanzania introduced regulation for the crypto sector in its Finance Act 2024.
- Rwanda plans to launch crypto regulation in Q1 2025.
- Ghana released a draft regulation for the crypto sector, which would allow Ghanaians to transact in crypto, but with the ban on banks from dealing with crypto still in place.
- Besides the above countries, various regulators, and regional organizations are working on coherent crypto regulation.
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