A UK-based cryptocurrency exchange, Blockchain.com, is planning to expand in African countries that have begun enacting legislation to control the sector.
According to Owenize Odia, General Manager of Blockchain.com for the African region, the company intends to increase its footprint in Ghana, Kenya, and South Africa. This quarter, a new physical office is about to open in Nigeria, which is its fastest-growing market in West Africa.
Although crypto trading remains illegal or heavily monitored in much of Africa, several nations are working toward clear regulatory frameworks. Nigeria passed a new investment and securities law this year that allows cryptocurrency exchanges to be licensed and regulated. The Securities and Exchange Commission claims that this led exchanges, including Yellow Card Financial Inc., to apply for a permit.
“Nigeria is taking real steps toward regulatory clarity,” said Odia. Kenya is attempting to comprehend the asset class prior to potential regulation, while Ghana released draft rules on the planned supervision of digital assets last year.
As per the Bloomberg reports, Odia emphasized that securing a crypto exchange license in Nigeria is a top priority for Blockchain.com, which was valued at $14 billion in 2022.
