Cryptocurrency service provider, Blockchain.com, expands operations in Africa as regulatory frameworks progressively develop
In a significant move, Blockchain.com, the UK-based crypto exchange, is expanding its operations into African countries. The company, valued at $14 billion in 2022, is particularly focusing on Nigeria, where a comprehensive and progressive regulatory framework for cryptocurrencies has been established.
As of mid-2025, Nigeria has established a regulatory framework under the 2025 Investment and Securities Act. Digital assets are now regulated as securities, and stablecoin issuers are required to maintain verifiable reserves, comply with stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, and participate in a regulatory sandbox program that encourages innovation under supervision.
According to Owenize Odia, General Manager for Africa operations at Blockchain.com, Nigeria has taken meaningful steps towards creating a clear framework for crypto. The company is planning to establish a physical office in Nigeria this quarter.
While Ghana, Kenya, and South Africa are also being considered for expansion, the regulatory clarity in Nigeria seems to be the key driver for Blockchain.com's focus. Ghana has previously shown a more cautious approach but is moving towards regulatory clarity around crypto. Kenya, on the other hand, is cautiously exploring regulation with a focus on investor protection, but a comprehensive stablecoin framework is yet to be indicated. South Africa, known for its advanced regulatory discourse on crypto, is still in the process of finalizing detailed frameworks aligned with global standards.
The expansion of Blockchain.com into African countries is seen as an opportunity to gain early ground in the emerging crypto market of these countries. The company claims to have 37 million verified users, 92 million wallets, and $1 trillion in transactions.
In contrast to Nigeria, the regulatory landscapes in Ghana, Kenya, and South Africa appear to be less defined or evolving, potentially slowing or complicating Blockchain.com's expansion plans in these countries compared to Nigeria. However, as these countries continue to shape their crypto regulations, the potential for growth remains significant.
In summary, Nigeria's new regulatory framework is positively impacting Blockchain.com's African expansion by offering a clear legal pathway and incentivizing local investment. Other key African markets, such as Ghana, Kenya, and South Africa, have less-defined or evolving crypto regulations, limiting clear expansion prospects at this time. Yet, the emerging crypto markets in these countries present opportunities for future growth.
As Blockchain.com expands its operations into Africa, the company is particularly focusing on Nigeria due to its comprehensive and progressive regulatory framework for cryptocurrencies, which resembles a blend of finance, technology, and industry. The establishment of a physical office in Nigeria this quarter further underscores this focus, demonstrating a merger of finance and technology industries within the African continent.
Although other key African markets, such as Ghana, Kenya, and South Africa, hold potential for future growth, their less-defined or evolving crypto regulations currently hinders clear expansion prospects, creating a gap in technology and industry expansion compared to Nigeria. Despite these challenges, the emerging crypto markets in these countries remain significant opportunities for the future.
