Countries across Africa approve new crypto laws as adoption grows
African nations are rapidly establishing legal frameworks for cryptocurrencies amid growing regional adoption, with Ghana expected to finalize regulations by year-end.Summary
Crypto adoption is surging across Africa, making it the third-fastest-growing region globally, prompting numerous countries to implement specific legal frameworks. Ghana is set to finalize robust crypto regulations by the end of 2025, following draft guidelines published last year that proposed an eight-pillar framework for exchanges and Virtual Asset Service Providers (VASPs).
Ten African nations are developing or have already established specific legal frameworks. South Africa declared crypto a financial product in 2022, subjecting it to licensing and consumer protection under the FSCA. Mauritius passed the Virtual Asset and Initial Token Offering Services Act in 2022, regulating VASPs through the Financial Services Commission. Botswana's Virtual Assets Act of 2022 established regulatory oversight by the NBFIRA.
Nigeria recognized crypto as securities in April 2025 under the ISA, placing VASPs under the SEC's scope, despite recent industry wariness due to regulatory actions against firms like Binance. Namibia enacted its Virtual Assets Act in 2023, focusing on licensing, consumer protection, and anti-money laundering. Tanzania introduced a 3% tax on digital asset transactions in its 2024 Finance Act, marking a shift from its previous ban. Seychelles implemented the VASPA in August 2024, requiring licensing through the Financial Services Authority. Kenya recently passed the Virtual Asset Service Providers Bill, designating the central bank and Capital Markets Authority as licensing bodies. Rwanda is cautiously drafting a law that would ban mining and mixing services due to money laundering concerns.
(Source：Cointelegraph)