Blockchain.com, a UK-based crypto exchange, is making bold moves in Africa as governments on the continent embrace crypto regulation. The company announced plans to open Nigeria’s first major international crypto office this quarter, with expansion targets in Ghana, Kenya, and South Africa as well.
The expansion into these high-usage, underserved crypto markets reflects Blockchain.com’s strategy of targeting regions where crypto adoption is being driven by necessity rather than speculation. Nigeria, currently ranked second globally in Chainalysis’ crypto adoption index, has a strong demand for digital assets due to ongoing inflation and currency instability. Users in Nigeria rely heavily on digital assets for remittances, savings, and business transactions.
In Ghana, the government is preparing to introduce the Virtual Asset Providers Bill, which would give the central bank authority to regulate crypto exchanges and wallet providers. This legislation is expected to pass by September 2025, creating a legal foundation for overseeing virtual asset activity in the country.
South Africa, on the other hand, has emerged as a key regional hub for digital assets. The Financial Sector Conduct Authority (FSCA) has approved 59 crypto platform licenses, with more applications under review. CEO Peter Smith has noted the strength of grassroots adoption across Africa, where per-capita crypto usage often exceeds that of many Western countries.
The expansion of Blockchain.com into Africa is part of a larger industry shift towards emerging markets. Other exchanges, such as Yellow Card Financial, are also applying for permits in Nigeria as the regulatory landscape becomes clearer.
Africa’s growing role in global crypto flows is evident in the rapid user growth, mobile-first populations, and financial infrastructure gap left by traditional banks. With only 49% of Sub-Saharan Africans holding a bank account, the continent presents an ideal environment for the adoption of decentralized finance and stablecoins.
Local African crypto companies, like Yellow Card and Busha, are securing venture capital and scaling their services to meet rising demand. The African crypto market is projected to generate over $2.9 billion in revenue by 2025, driven by the continent’s young, tech-savvy population and increasing smartphone access.
As global platforms enter the African market, strong local activity continues to thrive. Africa is poised to become a significant player in the global crypto industry, with the potential to become a hub for innovation and growth in the sector.