Blockchain.com intensifies its presence in Africa, targeting the markets where governments are beginning to implement cryptographic regulations.
The United Kingdom -based exchange plans to open a physical office during the second quarter in Nigeria – its “fastest market” in West Africa – as well as wider expansion efforts in Ghana, Kenya and South Africa, according to a Bloomberg May 27 report.
“Nigeria has taken significant measures towards the creation of a clear framework for the crypto,” said Owenize Odia, CEO of Blockchain.com for Africa.
This decision comes when changes in global feeling, including the political tail winds in the United States, where President Donald Trump’s pro-rhythm position encouraged the expansion of the industry.
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Nigeria and Ghana are under cryptographic regulation
Although the trade in cryptocurrencies remains limited in many African countries, some, including Nigeria and Ghana, take measures to create legal frameworks for exchanges.
Odia said the company prioritates a license request to Nigeria, which has recently promulgated a new securities law covering digital assets.
The Central Bank of Ghana has published a project of guidelines indicating plans to start regulating cryptographic platforms by September 2025, while Kenya is still in the research phase.
Odia added that these regulatory intention signals are essential to the expansion decisions of Blockchain.com. The exchange considers the young population and the instability of the region of the region as factors fueling the adoption of cryptography.
Cointelegraph stretched out Blockchain.com to comment but did not receive an answer by publication.
Blockchain.com claims 37 million verified users, 92 million portfolios and more than 1 dollars of transactions, according to its website.
In 2022, Blockchain.com closed a financing cycle which saw its evaluation peak of $ 5.2 billion at $ 14 billion less than two months before the collapse of the Terra de Do Kwon ecosystem.
However, a financing round of the E series of $ 110 million in 2023 has more than half reduced its 2022 evaluation
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South Africa leads to the cryptographic race
South Africa emerges as a favorite in the cryptographic race of Africa, the country positioning itself as a regional center for digital assets.
According to Ben Caselin, director of marketing at Crypto Exchange, based in Johannesburg, solid legal infrastructure and friendly environment in South Africa makes an ideal launch for cryptographic companies that seek to develop through the continent.
In an interview in September 2024 with Cintelelegraph, Caselin stressed that regulatory clarity is a major factor attracting local and international actors in South Africa.
Momentum continues to build, the Financial Sector Conduct Authority (FSCA) approving 59 cryptographic platform licenses by March 2024, because more than 260 requests remain in progress.
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