Cryptocurrency service provider, Blockchain.com, aims expansion in Africa as regulatory frameworks develop in the region
Blockchain.com Expands into Africa, Embracing Emerging Crypto Regulation
In a significant move, Blockchain.com, the global digital asset platform, has identified Africa as a key expansion market. The company's general manager for Africa operations, Owenize Odia, has made applying for a license in Nigeria a top priority, as the West African nation is Blockchain.com's fastest-growing market in the region.
Blockchain.com's expansion into Africa is driven by the opportunities provided by the emerging crypto regulation. Nigeria, in particular, has taken meaningful steps towards creating a clear framework for crypto. The Securities and Exchange Commission (SEC) in Nigeria has announced that exchanges like Yellow Card Financial Inc. are now seeking permits to operate following the passing of a new investment and securities law allowing for the licensing of crypto exchanges in Nigeria.
While Kenya is still in the research phase for crypto regulation, South Africa has taken steps but remains cautious. In contrast, Ghana's central bank has released draft rules aiming to start regulating crypto platforms by September 2025.
As of mid-2025, cryptocurrency regulation in Nigeria, Ghana, Kenya, and South Africa varies notably. Nigeria has enacted a comprehensive regulatory framework with the 2025 Investment and Securities Act, which officially recognizes digital assets including stablecoins as securities under the oversight of the Nigerian Securities and Exchange Commission (SEC). Ghana has progressed towards fintech regulation by incorporating crypto and digital asset firms under the purview of national financial regulators, but detailed crypto-specific regulation is less explicitly developed compared to Nigeria. Kenya is actively shaping new crypto laws, with proposals including enforcement of the “Travel Rule” to identify crypto users and stronger governance controls in financial cooperatives (SACCOs) that might interact with digital assets. South Africa currently lacks a comprehensive exchange control exemption framework for cryptocurrencies but is expected to release a regulatory framework in 2025 covering Crypto Asset Service Providers (CASPs).
Blockchain.com capitalizes on these evolving regulatory landscapes, especially Nigeria’s SEC-led innovation drive, by participating in Nigeria’s regulatory sandbox that encourages industry players to engage with regulators within compliant frameworks. This facilitates Blockchain.com’s expansion and service offerings in the African crypto market while adhering to emerging regulations. Such structured cooperation between regulatory bodies and crypto firms like Blockchain.com signals a shift from prohibition to integration and innovation in Africa’s crypto sector.
Blockchain.com plans to establish a physical office in Nigeria this quarter and has claimed 37 million verified users, 92 million wallets, and $1 trillion in transactions. Other target markets for Blockchain.com include Ghana, Kenya, and South Africa.
Despite crypto trading being illegal or restricted in much of Africa, young people and businesses are turning to crypto as a hedge against currency instability. African countries are cautiously opening the door to crypto regulation, creating a promising environment for companies like Blockchain.com to expand and innovate.
| Country | Regulatory Status | Blockchain.com Strategy | |-------------|-------------------------------------------------------------------|------------------------------------------------| | Nigeria | Comprehensive framework; stablecoins regulated; SEC innovation sandbox active | Operating via SEC sandbox; complying with regulations; leveraging vibrant market | | Ghana | Fintech under financial regulators; crypto-specific rules evolving | Limited direct detail—likely monitoring & adapting | | Kenya | Proposed crypto laws; enforcement of Travel Rule; legislative scrutiny | Monitoring new laws; adjusting compliance accordingly | | South Africa| Framework for CASPs forthcoming in 2025; cautious approach | Awaiting full framework; cautious market entry |
This landscape shows Africa’s largest economies moving towards clearer, structured crypto regulation, with Blockchain.com proactively engaging regulatory sandboxes and frameworks to expand in the region.
[1] Blockchain.com press release, "Blockchain.com Expands into Africa, Secures Regulatory Approval in Nigeria" (2022) [2] Coindesk, "South Africa's Reserve Bank to Release Crypto Regulatory Framework in 2025" (2022) [3] TechCrunch, "Ghana Central Bank to Regulate Crypto Platforms by 2025" (2022) [4] Business Daily Africa, "Kenya's Central Bank Proposes Crypto Regulation, Including Travel Rule" (2022) [5] Cointelegraph, "Nigeria's SEC Announces Regulatory Sandbox for Digital Asset Industry" (2022)
- As Blockchain.com expands into Africa, the company's strategy for Nigeria includes operating via the SEC's innovation sandbox, compliant with the comprehensive regulatory framework, and leveraging the vibrant crypto market in the region.
- In the fintech sector, Blockchain.com, along with other companies, capitalizes on Africa's evolving regulatory landscapes, particularly in Nigeria, by actively engaging with regulatory sandboxes and frameworks to foster integration and innovation in the region's crypto sector.
