Crypto regulations are emerging throughout Africa as countries strive to create environments conducive to the cryptocurrency industry while ensuring consumer protection.
Yesterday, the Governor of the Bank of Ghana, Johnson Asiama, announced that comprehensive crypto regulations will be established by the end of 2025, following previous draft guidelines from last year. These regulations aim to provide a strong legal basis for crypto investors and businesses, placing Ghana alongside nine other African nations with established legislation for digital assets.
The trend of increasing crypto adoption across Africa, especially within Sub-Saharan Africa, is notable, with grassroots participation making it the third fastest-growing region for cryptocurrency.
Here are highlights from ten African countries that are making strides in crypto legislation:
Ghana
Governor Johnson Asiama stated during an IMF meeting that Ghana aims to present robust crypto regulations to parliament by December. Nearly 9% of Ghanaians, or around 3 million people, utilize cryptocurrencies.
Initially, the Bank of Ghana released draft regulations in August 2024, outlining an eight-pillar framework that increases registration requirements for exchanges and virtual asset service providers (VASPs).
South Africa
The Financial Sector Conduct Authority (FSCA) officially recognized cryptocurrency as a financial product in 2022, bringing it under existing regulatory frameworks. As a result, international crypto companies are establishing a presence in South Africa. Finance Minister Enoch Godongwana is currently refining regulations to address cross-border crypto transactions.
Mauritius
The island nation enacted the Virtual Asset and Initial Token Offering Services Act in February 2022, aiming to regulate virtual asset service providers and token offerings through a comprehensive legal framework.
Botswana
Botswana’s Virtual Assets Act of 2022 established regulatory oversight by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) for crypto investments, focusing on consumer protection and due diligence.
Nigeria
In April 2025, Nigeria recognized crypto assets through the Investment and Securities Act, categorizing them as securities and implementing regulations via the SEC. Despite ongoing uncertainties due to legal suits involving Binance, the SEC expressed openness to the crypto business.
Namibia
In 2023, Namibia’s Virtual Assets Act was introduced to regulate VASPs, focusing on consumer protection and reducing risks associated with illicit financing.
Tanzania
Tanzania passed the Finance Act of 2024, imposing a 3% tax on digital asset exchanges, signaling a shift from its previous prohibition of crypto.
Seychelles
In August 2024, the Seychelles introduced an act requiring all VASPs to be licensed, promoting a regulatory framework attractive for investment.
Kenya
On October 13, the Kenyan parliament approved the Virtual Asset Service Providers Bill, establishing regulatory oversight for digital assets, while Treasury Secretary John Mbadi emphasized the government’s commitment to creating a supportive legal environment for cryptocurrencies.
Rwanda
Regulatory measures are being cautiously developed, indicating concerns about illicit activities and emphasizing consumer protection.
Through these evolving regulations, African nations aim to protect investors while fostering innovation in the thriving cryptocurrency space.
