Cryptocurrency company Blockchain.com expands presence in Africa, adapting to evolving regulations
In a significant move for the crypto industry, Blockchain.com, a leading global digital asset platform, has announced its expansion into African markets, including Ghana, Kenya, and South Africa. This strategic move comes as Nigeria, the first African country to formally regulate stablecoins, continues to lead the region in crypto regulations.
Nigeria's regulatory shift is evident in the enactment of the Investment and Securities Act 2025 (ISA 2025), which places stablecoins under the oversight of the Securities and Exchange Commission (SEC). This framework treats stablecoins and other cryptocurrencies as regulated securities, aiming to foster innovation while protecting investors and promoting financial inclusion. It also facilitates the integration of stablecoins into Nigeria's formal economy, boosting cross-border remittances, SME financing, and attracting foreign investments.
While Ghana, Kenya, and South Africa are yet to introduce comprehensive regulatory frameworks for cryptocurrencies or stablecoins as advanced as Nigeria’s ISA 2025 act, they have shown progressive interest in blockchain technology. Ghana, for instance, has maintained a cautious but open approach, focusing on regulatory clarity and consumer protection, albeit without a formal stablecoin framework like Nigeria's. Kenya, similarly, has been exploring blockchain technology but has yet to introduce a comprehensive regulatory framework for cryptocurrencies or stablecoins.
South Africa, one of the more mature markets, has been actively involved in consultations and developments by its Financial Sector Conduct Authority (FSCA) over the past few years. However, no major new legislation has been cited in the search results from 2025.
Capitalizing on these developments, Blockchain.com is positioning to leverage Nigeria’s regulatory clarity to expand services related to stablecoins and digital financial products. The company plans to establish a physical office in Nigeria this quarter, marking it as their fastest-growing market in West Africa. Blockchain.com, valued at $14 billion in 2022, claims 37 million verified users, 92 million wallets, and $1 trillion in transactions.
Owenize Odia, general manager for Africa operations at Blockchain.com, stated that Nigeria has taken meaningful steps toward creating a clear framework for crypto. He further mentioned that applying for a license in Nigeria is a top priority for Blockchain.com.
As African countries cautiously open the door to crypto regulation, it presents opportunities for companies like Blockchain.com to gain early ground. Despite crypto trading being illegal or restricted in much of Africa, young people and businesses are turning to crypto as a hedge against currency instability. Crypto regulation is beginning to take shape in Ghana, Kenya, and South Africa, offering promising prospects for the future of digital assets in these regions.
Fintech companies like Blockchain.com may find opportunities in African markets, particularly in finance sectors, as nations such as Nigeria, Ghana, Kenya, and South Africa show interest in blockchain technology and regulatory clarity for cryptocurrencies and stablecoins. Blockchain.com's expansion into African markets, including Ghana, Kenya, and South Africa, aims to capitalize on this progressive development, with plans to establish physical offices and offer services related to stablecoins and digital financial products.
