AFRICA
Africa is an important market for digital assets, driven by demand for accessible financial services, cross-border payments, and alternative ways to transfer and store value. At this stage, regulatory approaches differ significantly across the continent, from more established licensing frameworks to jurisdictions still developing dedicated rules for digital asset activities. DCGG monitors regulatory and political developments across African jurisdictions, supporting members in navigating licensing requirements and local market-entry considerations. Through engagement with regulators and policymakers and participation in consultations, DCGG advocates for clear, proportionate and innovation-friendly frameworks that support responsible digital asset adoption and cross-border financial services.
Regulatory and Political Developments in Africa
Nigeria: Nigeria’s digital asset framework is evolving with President Tinubu on 18th July 2026 signing an executive order on Virtual Assets regulatory oversight coordination. In August 2026, the Securities and Exchange Commission (SEC) issued draft rules to regulate virtual and digital asset activities in line with its securities markets mandate. The Central Bank of Nigeria (CBN) commenced Cohort 2 of the CBN Regulatory Sandbox Programme, inviting eligible VASPs to apply to participate. The tests are aimed at supporting evidence-based policy development in line with the CBN’s statutory mandate. Sustained engagement is key to foster the development of a facilitative regulatory framework in Nigeria.
Kenya: Kenya has introduced a dedicated legal framework through the VASP Act 2025, which assigns licensing and supervisory responsibilities to the Central Bank of Kenya and the Capital Markets Authority. The accompanying 2026 regulations establish requirements for VASPs and address areas including stablecoins, tokenisation and AML/CFT compliance. Implementation and the development of the licensing framework are key areas to monitor as the country moves towards a more structured regulatory environment as from November 2026. Further regulatory reviews will follow thereafter.
South Africa: South Africa has an established regulatory framework for CASPs. The Financial Sector Conduct Authority (FSCA) classifies crypto assets as financial products under the Financial Advisory and Intermediary Services Act, requiring relevant providers to obtain authorisation. Crypto-asset businesses are also subject to applicable AML/CFT requirements. Regulators continue to examine the treatment of stablecoins, cross-border crypto-asset transfers and tokenised financial instruments, making the development of these rules a critical area for continued open dialogue.
Francophone Africa: In the CEMAC region of Central Africa, regional securities rules provide a basis for certain virtual asset and tokenisation activities, while banking regulators maintain separate restrictions on crypto-asset activities by supervised financial institutions. In the West African Economic and Monetary Union, a dedicated regional framework for virtual assets remains less developed, although in 2026 the BCEAO has set up a committee to work on regional crypto-asset rules, with policymakers continuing to consider the implications of crypto-assets for financial stability and payments.
Other Key African Markets: Elsewhere, regulatory approaches remain varied. Ghana and Rwanda’s frameworks are also being developed and refined with policy stances fostering responsible adoption of crypto-related innovations. Tanzania and Uganda are also softening their positions towards crypto-assets and are at early stages of crafting their regulatory frameworks. In the South African region, the Bank of Zambia has recently issued a decree to license VASPs with Namibia, Malawi and other SADC countries exploring the development of dedicated VASP legislation.
Our Team in AFRICA
