The installation is the result of increased demand for easier access to cryptocurrency in the country and reflects the growing interest in cryptocurrencies across Sub-Saharan Africa. Expansion of the region’s cryptocurrency market is spurred by opportunities in alternative finance and remittances industries. This is further supported by an increasing shift towards a ‘technology first’ approach to regulation, prioritising innovation while still guarding against misuse, in its leading economies.
- The development of regulatory sandboxes regionally should result in a significant increase in fintech start-ups in the short-to-medium term.
- There will be growing interest from international cryptocurrency and blockchain companies seeking to harness African market opportunities.
- Regulators will initially address the risks associated with cryptocurrency by embedding them within existing legal frameworks.