Africa is rising, and so is its crypto market appetite. The continent is gradually becoming the next hub for cryptos and blockchain. Recently, the continent has seen a considerable growth of many crypto-related activities. Although more countries are embracing crypto investment and innovation opportunities across the continent, the market has previously encountered vehement condemnation through various gagging regulations.
More crypto exchanges, wallets, and tokens are sprouting across the continent as crypto approval rates increase rapidly in the region.
The crypto market in Kenya has seen many developments. From the launch of BitPesa to the crypto mining companies that use solar panels, this East African country is enhancing its crypto impact in Africa. It is notable that Kenyan authorities have not set any clear regulations for the cryptocurrency space.
Several months have passed since the country’s finance minister, Henry Rotich, was directed in July 2018 to fabricate the regulations for this market. The neutral stance perceived to be taken by the authorities is fuelling the growth of the crypto market in this country.
The Bank of Namibia has partnered with a Bitcoin Trading Platform offering crypto services. The platform was allowed to operate in the country after they adopted anti-money laundering and know-your-customer requirements sent by the bank. Despite a previous ban, the emerging marketplace aims to survive and fulfill excellent operations relationships with the country’s financial authorities.
South Africa is a market leader with many blockchain-based exchanges, start-ups, and wallets than all other countries across the continent. The country is spearheading crypto market growth in the region. Authorities are trying to create the best regulations for the market. Although the South Africa Reserve Bank (SARB) tried to curb the market in 2014 and South Africa Revenue Service begun taxing cryptocurrencies the market keeps growing.
Before the rise of the digital currencies, many Ugandans were unbanked. Binance launched a platform in Uganda and the response has been overwhelming in the last few months. Over 40,000 users have already registered on the platform.
These African countries and many others are embracing the crypto market with some retailers also accepting bitcoin as a form of payment.