UK-based cryptocurrency exchange Blockchain.com is targeting expansion in several African nations striving for clear regulatory frameworks for the crypto sector.
Blockchain.com's Expansion Plans
According to Owenize Odia, General Manager of Blockchain.com for the African region, the company intends to increase its footprint in Ghana, Kenya, and South Africa. A new physical office is about to open in Nigeria, which is its fastest-growing market in West Africa.
Cryptocurrency Regulation in Africa
While crypto trading remains illegal or heavily monitored in much of Africa, several nations are actively working toward clear regulatory frameworks. Nigeria, for instance, passed a new investment and securities law allowing cryptocurrency exchanges to be licensed and regulated.
Importance of Licensing for Blockchain.com
Odia emphasized that securing a crypto exchange license in Nigeria is a top priority for Blockchain.com, which was valued at $14 billion in 2022. He also highlighted that Nigeria is taking real steps toward regulatory clarity.
The expansion of Blockchain.com into African countries may be a significant step toward increasing the legitimacy of cryptocurrencies in the region, especially amid active government efforts toward legislation.
