Africa has a growing crypto market witnessing several African countries making significant strides in regulating and legalising crypto. Accordingly, some have favourable regulations, some restrictive while some are still evolving in their approach to crypto.
Noteworthy is that some countries simply have no regulations governing cryptocurrencies while others have insufficient current data regarding crypto.
Nevertheless, here are the African countries that have made crypto legal in no particular order:
#1. South Africa
Arguably, South Africa spearheads crypto regulation in the continent. The Financial Sector Conduct Authority (FSCA) views crypto as a financial product and has paved the way for proper policies and licensing requirements for crypto exchanges in South Africa.
#2. Central African Republic
According to CoinMarketCap, the CAR passed legislation to enable Bitcoin to be used as a legal tender on April 23, 2022. This confers a concrete pro stance towards crypto on the CAR.
#3. Mauritius
Mauritius regulates crypto assets digital assets under the Financial Services Act of 2007. Accordingly, there’s an established licensing system for crypto startups in the country that ensures compliance with international guidelines.
#4. Tanzania
It’s somewhat of a contradiction in Tanzania as trading crypto is legal but the Central Bank discourages it. This is due to fears concerning crypto upending the country’s fiat currency.
#5. Angola
The legal situation and regulatory framework of crypto in Angola is similar to that in Tanzania.
#6. Kenya
The legal situation in Kenya favours crypto trading but specific regulations guiding crypto as digital assets are not yet concrete.
#7. Nigeria
Notably, the legal situation is unique because the country lifted its cryptocurrency ban in 2023. However, crypto transactions involving commercial banks are banned by the Central Bank of Nigeria.
Notedly, Nigeria is the crypto giant in Africa and a major crypto player globally. Though its regulatory guidelines on crypto are still unrefined, Nigeria is taking steps towards that direction.
#8. Namibia
The legal situation and regulatory framework of crypto in Namibia is similar to that in Nigeria. It’s legal in a way but yet unauthorized in commercial bank transactions.
Notable Mentions
Ghana, Seychelles: crypto is not explicitly legal in these African countries but they record significant crypto transactions. Also, they are open to crypto and blockchain innovation and technology.
In Conclusion
In a nutshell, the regulatory landscape among African nations differs significantly. Meanwhile, it does not help that some regions do not have sufficient data to classify their stance on crypto.
However, the growing demand for virtual currency and the benefits of blockchain technology will drive more of them to legalize crypto shortly.