Cryptocurrency regulation in Africa is undergoing significant changes, with Nigeria taking the lead ahead of other countries in the region, such as Kenya.
Crypto Regulation in Nigeria
Regulators in Nigeria have made significant progress in the cryptocurrency industry. The Managing Director of Yellow Card Nigeria, Lasberry Chioma Oludimu, noted that the country is at a stage known as regulatory incubation. This process allows crypto exchanges to apply and, upon receiving approval in principle, operate under SEC supervision for a certain period.
Kenya's Crypto Regulation
Kenya is the leader in the cryptocurrency market in East Africa. However, unlike Nigeria, the country is only beginning to attempt regulation of the crypto space. In December 2023, the Finance and National Planning Committee approved an amendment bill focusing more on taxation of cryptocurrencies than comprehensive regulation.
Yellow Card's Position
Yellow Card is actively working on obtaining a license in Nigeria, which will enable it to offer a wide range of services. The company has already secured a Crypto Asset Service Provider license in South Africa. CEO Chris Maurice stated that this reflects the company's commitment to regulatory compliance.
With the growing interest in cryptocurrencies, regulation becomes a necessary step for transparency and security. Nigeria is an example of successful implementation of regulatory measures in Africa.
