Blockchain.com Expands in Africa as Local Crypto Rules Take Shape

Blockchain.com is expanding in Africa, with a physical office planned in Nigeria by mid-2025. The exchange is also targeting markets in Ghana, Kenya, and South Africa. Regulatory frameworks for cryptocurrencies are developing, especially in Nigeria and Ghana, which are seen as leaders in crypto regulation. South Africa is positioning itself as a regional hub for crypto companies, thanks to its favorable business environment.

Blockchain.com is ramping up its operations in Africa, notably in nations where governments are finally rolling out more formal crypto regulations. The UK-based exchange has announced plans to set up a physical office in Nigeria by the second quarter of 2025, calling it their “fastest-growing market” in West Africa. This initiative reflects a broader ambition to expand into Ghana, Kenya, and South Africa, according to a report by Bloomberg from May 27.

Owenize Odia, Blockchain.com’s general manager for Africa, pointed out, “Nigeria has taken meaningful steps toward creating a clear framework for crypto.” This development is unfolding as global perspectives are shifting, influenced by political factors in the U.S., particularly President Donald Trump’s favorable stance on cryptocurrency, which is giving a boost to the industry overall.

When it comes to crypto regulation in Africa, countries are on different paths. While many countries still impose restrictions on cryptocurrency trading, Nigeria and Ghana are stepping up efforts to develop legal frameworks for exchanges. Odia stated that Blockchain.com is actively working on securing a license in Nigeria, especially after new securities legislation concerning digital assets was recently put into place.

Ghana isn’t resting either; the central bank there has indicated plans to start regulating crypto platforms by September 2025, although Kenya is still in the initial stages of research. Odia commented that these signs of regulatory intent are essential for the company’s expansion plans across Africa. Blockchain.com views the region’s youthful population and the ongoing currency instability as significant drivers for crypto adoption.

Blockchain.com boasts an impressive user base with 37 million verified users and 92 million wallets, claiming over a whopping $1 trillion in transaction volume on its platform. However, it has faced ups and downs in its valuation — one notable spike from $5.2 billion to $14 billion just before the collapse of Do Kwon’s Terra ecosystem in 2022, followed by a significant drop in a later $110 million Series E funding round in 2023.

Meanwhile, South Africa is establishing itself as a leader in Africa’s crypto scene. The country is setting a strong example as a potential regional hub for digital assets. According to Ben Caselin, marketing officer at VALR, a crypto exchange based in Johannesburg, South Africa’s robust legal framework and supportive business climate are attracting both local and international crypto ventures.

In a recent interview, Caselin highlighted that regulatory clarity is a major draw for companies looking to make their mark in South Africa and beyond. The momentum is clear: by March 2024, the Financial Sector Conduct Authority (FSCA) had already approved 59 licenses for crypto platforms, with over 260 other applications currently under consideration.

Blockchain.com is making a strategic move into the African market, particularly Nigeria, where regulatory frameworks for cryptocurrency are developing. With its plans to expand in other countries like Ghana and South Africa, the company recognizes the importance of regulatory clarity and a young, tech-savvy populace as key drivers for expansion. Meanwhile, South Africa continues to shine as a potential regional hub for crypto activities, showcasing the growing acceptance of digital currencies across the continent.

Original Source: cointelegraph.com