Ah, Blockchain.com, that audacious purveyor of digital dreams, is gallantly galloping into the heart of Africa! It seems the governments are finally donning their regulatory capes, and our dear exchange is eager to join the fray.
With a flourish befitting a grand stage, the United Kingdom-based exchange has announced its intention to unfurl its banners in Nigeria during the second quarter of 2025 — a land they deem their “fastest-growing market” in West Africa. Meanwhile, they are also casting their nets wider in Ghana, Kenya, and South Africa, as reported by the ever-reliable Bloomberg on this fine day, May 27.
“Nigeria has taken meaningful steps toward creating a clear framework for crypto,” declared Owenize Odia, Blockchain.com’s general manager for Africa, as if he were announcing the arrival of a new season of a beloved soap opera.
This grand maneuver comes amidst a global sentiment shift, with political winds from the United States blowing favorably, thanks to President Donald Trump’s rather enthusiastic embrace of all things crypto. Who knew politics could be so… profitable?
Nigeria and Ghana: The Dynamic Duo of Crypto Regulation
While many African nations still clutch their pearls at the thought of cryptocurrency trading, Nigeria and Ghana are boldly stepping into the light, crafting legal frameworks for exchanges as if they were preparing for a grand ball.
Odia has made it clear that a license application in Nigeria is at the top of their to-do list, especially since the country has recently enacted a new securities law covering digital assets. How very progressive!
Meanwhile, Ghana’s central bank has released draft guidelines, hinting at plans to regulate crypto platforms by September 2025, while Kenya appears to be still in the research phase — perhaps contemplating the existential questions of crypto?
Odia further mused that these signals of regulatory intent are crucial for Blockchain.com’s expansion decisions across the continent. The youthful population and currency instability are, after all, the perfect recipe for crypto adoption — a veritable feast for the digital age!
CryptoMoon, in its infinite curiosity, reached out to Blockchain.com for a comment but alas, silence reigned supreme by the time of publication. Perhaps they were too busy counting their 37 million verified users, 92 million wallets, and over $1 trillion in transaction volume — a number that would make even the most seasoned banker swoon.
In 2022, Blockchain.com experienced a meteoric rise in valuation, soaring from $5.2 billion to $14 billion, just before the dramatic collapse of Do Kwon’s Terra ecosystem. A tale worthy of a Shakespearean tragedy!
However, a $110 million Series E financing round in 2023 saw their valuation more than halved, proving that in the world of crypto, fortunes can change faster than one can say “blockchain.”
South Africa: The Crown Jewel of the Crypto Race
South Africa is emerging as the belle of the ball in Africa’s crypto race, positioning itself as a regional hub for digital assets. How delightful!
According to Ben Caselin, chief marketing officer at Johannesburg-based crypto exchange VALR, South Africa’s robust legal infrastructure and business-friendly environment make it the ideal launchpad for crypto companies looking to expand across the continent. A veritable paradise for digital entrepreneurs!
In a September 2024 interview with CryptoMoon, Caselin emphasized that regulatory clarity is the siren song drawing both local and international players to South Africa. Who could resist such a sweet melody?
As momentum builds, the Financial Sector Conduct Authority (FSCA) has approved 59 crypto platform licenses by March 2024, while over 260 applications remain under review. It seems the crypto ball is just getting started!
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2025-05-27 12:49