Countries across Africa are increasingly implementing new cryptocurrency regulations to foster growth in the industry while addressing consumer safety. The Central Bank of Ghana has announced that regulations will be established by the end of 2025, following the release of preliminary guidelines in the previous year. This positions Ghana among nine other nations on the continent that have already adopted legal frameworks for digital assets.

Cryptocurrency adoption is particularly notable in Sub-Saharan Africa, recognized as the third-fastest-growing area for digital currencies, spurred by grassroots movements and increased retail engagement.

Key Nations Developing Crypto Regulations:

Ghana

Johnson Asiama, the Governor of the Bank of Ghana, revealed at the IMF meeting that robust crypto regulations are expected in place by December 2025. He stated, “That bill is on its way to parliament. Hopefully before the end of December, we should be able to regulate cryptocurrencies in Ghana.” With nearly nine percent of Ghanaians engaged in cryptocurrency, proposed measures aim to enhance investor protection and improve regulatory clarity.

Image Asiama (right) conversed with the IMF’s Africa director, Abebe Salassie (left).
Translation: Asiama (a governante de Ghana) habló con el director del Departamento de África del FMI, Abebe Salassie (izquierda).

South Africa

In 2022, South Africa recognized cryptocurrencies as a regulated financial product, under the Financial Advisory Services Act, allowing international crypto firms to operate under a defined legal structure. In October, a collaboration allowed crypto payments across 650,000 retail shops.

Namibia

In 2023, Namibia enacted the Virtual Assets Act aimed at managing digital asset regulations and providing supervision to improve consumer protection and mitigate illicit financial activities.

Kenya

Just recently, Kenya’s parliament passed the Virtual Asset Service Providers Bill, creating a framework for governing digital assets and positioning the country to capitalize on the ongoing crypto evolution across the continent.

Additional Developments

Other countries, such as Nigeria and Tanzania, are adjusting their legal structures to support crypto activity while aiming to keep pace with evolving trends in the industry.