Countries across Africa approve new crypto laws as adoption grows

The governor of the Bank of Ghana announced that crypto regulations are expected by the end of 2025, following draft guidelines published in 2024. This move aligns Ghana with nine other African nations that have established legal frameworks for digital assets, reflecting a growing interest in cryptocurrency across the continent. South Africa has recognized crypto as a financial product, implementing licensing and consumer protections through the Financial Sector Conduct Authority. In Mauritius, the Virtual Asset and Initial Token Offering Services Act regulates virtual asset service providers. Botswana's Virtual Assets Act requires VASPs to register and comply with consumer protection standards, while Nigeria's Investment and Securities Act officially classifies crypto assets as securities. Namibia and Tanzania are also progressing with regulations, focusing on consumer protection and taxation. The Seychelles and Kenya have enacted or introduced laws to regulate VASPs, aiming to attract investment. Meanwhile, Rwanda has proposed a cautious approach to crypto regulation, with concerns about potential misuse. This trend indicates Africa's evolving stance on cryptocurrency, with nations responding to increasing adoption and the need for legal clarity.

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