Crypto Licensing Status in Africa: Assessment of Legalized, Prohibited, and Pending Regulations
In the ever-evolving world of cryptocurrencies, Africa is witnessing a surge in adoption for real-world retail purchases, investments, and payments. However, the regulatory landscape across the continent remains diverse and dynamic.
As of 2025, cryptocurrency licensing in Africa is highly varied by country. Some nations, like Nigeria and Ghana, are establishing formal frameworks, while others, such as Senegal and Côte d'Ivoire, operate in a legal gray zone. A few countries, like South Africa, are in a state of legal uncertainty, and others, such as Egypt, Algeria, and Morocco, impose outright bans on cryptocurrency trading, use, or possession.
Nigeria has taken a leading role by passing the 2025 Investment and Securities Act, which classifies cryptocurrencies as securities and establishes a comprehensive regulatory and licensing framework overseen by the Securities and Exchange Commission (SEC). This includes a stablecoin framework requiring issuers to keep verifiable reserves, comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, and has led to preliminary licensing approvals for local crypto firms.
Ghana is moving toward formal licensing of crypto exchanges by September 2025, guided by draft legislation and Bank of Ghana guidelines focused on Virtual Asset Service Providers (VASPs). These rules emphasize licensing, consumer protection, AML compliance, and platform security.
Senegal and Côte d'Ivoire, both part of the West African Economic and Monetary Union (WAEMU), have no specific crypto laws or licensing systems yet. Crypto operates in a legal gray zone, with exchanges unlicensed and banks prohibited from offering crypto services. Regulatory attention is increasing, but no crypto licenses have been issued.
Benin stands out in WAEMU by passing Law No. 2024-01 to regulate crypto activities aligned with WAEMU anti-money laundering norms. This law requires VASPs to obtain authorization and maintain transparency and compliance.
South Africa currently has no crypto licensing framework; a 2025 High Court ruling confirmed cryptocurrencies fall outside existing exchange control regulations, thus escaping some financial oversight for now. However, regulatory authorities like the South African Reserve Bank (SARB) are developing frameworks and pursuing legislative changes, meaning unregulated status may be temporary.
Other African countries show mixed approaches. The Central African Republic adopted Bitcoin as legal tender, signaling openness, while some like Zimbabwe and Namibia have tougher stances. Mauritius remains a progressive leader with regulatory sandboxes to encourage crypto innovation.
Rwanda is testing a digital version of its currency, the Rwandan Franc, in closed doors. Many African countries, such as Uganda, Tanzania, Zambia, Cameroon, Sudan, and Gabon, have taken no concrete steps toward crypto licensing.
Botswana became the first African country to issue a crypto license in 2022 under the Virtual Assets Act, with Yellow Card Botswana being the inaugural licensee. Kenya is on the verge of formal regulation through the Virtual Asset Service Providers Bill, which mandates licensing for various crypto-related service providers and includes provisions on anti-money laundering, consumer protection, and minimum capital requirements.
As of 2025, South Africa has approved 248 crypto-asset service provider (CASP) licenses out of 420 applications, with prominent companies like VALR, Luno, and Altcoin Trader being among the licensed.
In summary, as of 2025, West Africa largely remains under-regulated or in regulatory flux, with Nigeria and Ghana spearheading licensing, South Africa in legal uncertainty pending regulation, and other countries varying from emerging frameworks to bans or inactivity. The landscape is dynamic, with nations continually refining their approaches to cryptocurrency regulation.
- Africa's cryptocurrency landscape is witnessing an increase in retail purchases, investments, and payments, yet the regulatory environment across the continent remains diverse and evolving.
- In 2025, countries like Nigeria and Ghana are establishing formal frameworks for cryptocurrency licensing, while nations such as Senegal and Côte d'Ivoire are operating within a legal gray zone.
- Nigeria has taken a leading role with the 2025 Investment and Securities Act, classifying cryptocurrencies as securities and instating a comprehensive regulatory and licensing framework overseen by the Securities and Exchange Commission (SEC).
- Ghana is moving toward formal licensing of crypto exchanges by September 2025, focusing on licensing, consumer protection, AML compliance, and platform security.
- South African authorities are developing a cryptocurrency licensing framework, and the Central African Republic has adopted Bitcoin as legal tender, signaling openness, while other countries like Zimbabwe and Namibia have tougher stances.
- Technological innovation continues within fintech space, with Botswana becoming the first African country to issue a crypto license (Virtual Asset Act) in 2022, and Kenya on the verge of formal regulation through the Virtual Asset Service Providers Bill.
