South Africa is officially embracing cryptocurrency trade and investment laws, with its financial and capital markets regulators predicting an increase of crypto activity in the country.
That marks a departure from much of the rest of Africa. In many other countries, central banks are directing commercial banks to avoid processing transactions involving trade in crypto assets.
This is despite a surge in trading activity with South Africa, Nigeria, and Kenya now among the top markets for trade and investment in bitcoin and other cryptocurrencies in Africa. One report puts Nigeria “as the top peer-to-peer bitcoin trading nation on the continent” with $99 million in trade volumes in the first quarter 2021 while volumes for Kenya and Ghana–in second and third ranking–came in at $34.8 million and $27.4 million respectively. South Africa was fourth with $25.8 million.