Blockchain.com, a UK-based crypto exchange, is seeking to expand in African nations that have started to institute rules to regulate the industry.
The company is looking to grow in countries including Ghana, Kenya, South Africa, and this quarter is planning a physical office in Nigeria, which is the firm’s “fastest-growing market” in West Africa, according to Owenize Odia, Blockchain.com’s general manager for Africa operations.
While crypto trading is still illegal in most African nations and trading activities are closely monitored by central banks, some countries are enacting laws to regulate crypto exchanges. US President Donald Trump’s embrace of digital assets has emboldened firms to expand on the continent where the youth and businesses use crypto to hedge against unstable currencies.
“Nigeria has taken meaningful steps toward creating a clear framework for crypto,” Odia said by email. In Ghana, draft rules released by the central bank highlight “its intention to begin regulating cryptocurrency and related platforms by the end of September 2025,” she said.
Nigeria this year enacted a new investment and securities law, which provides for the licensing and regulation of crypto exchanges. That prompted exchanges including Yellow Card Financial Inc. to seek a permit, according to the Securities and Exchange Commission.
“Applying for a crypto-exchange license in Nigeria is a top priority,” Odia said.
Ghana issued draft guidelines on the proposed monitoring of digital assets last year, while Kenya is seeking to understand the asset class before possible regulation.
Blockchain.com was valued at about $14 billion in 2022, following a financing round in which companies including Lightspeed Venture Partners and Baillie Gifford & Co participated. The company has 37 million verified users, with 92 million wallets created and more than $1 trillion transacted, according to its website.