As Cryptos Conquer Africa, Nations Tango to New Legal Tune 🎷

Yesterday, in an impeccably timed announcement worthy of a Noël Coward play, the governor of the Bank of Ghana, Ghana’s spirited central bank, declared with a flourish that regulations for cryptocurrencies shall grace their lands by 2025’s grand finale. This follows draft guidelines the bank coyly published last year, garnished with the same intrigue as a good cocktail party.

As the curtain rises, Ghana, our dashing rogue of a nation, announces it shall join a clique of nine other African countries already elegantly clad in digital asset laws. It appears crypto adoption is waltzing wildly across Africa, making the Sub-Saharan region the showiest, third-fastest-growing region for this digital fête.

Lawmakers, ever the attentive audience, are tuning in. Permit me to introduce 10 countries, who, rather like guests at a charity ball, have developed or are courting legal frameworks:

Ghana

Joyce Asiama, the darling governor of the Bank of Ghana, took center stage at the International Monetary Fund’s soiree last Thursday, declaring that by year’s end, robust crypto regulations shall waltz onto the scene.

“The bill, my dear friends, makes a beeline to parliament. Fingers crossed, by December’s heralding of Yuletide, cryptocurrencies in Ghana shall be as regulated as Aunt Agatha’s secret pudding recipe,” he spilled in his characteristic flair.

The laws, akin to an anticipated season premiere, are arriving much like one longs for the return of old familiars. The bank presented draft legislation last August, presenting an eight-pillar framework akin to eight layers of a well-crafted mille-feuille.

With the allure of cryptocurrency drawing in nearly 9% of Ghanaians, a solid 3 million strong, these new laws are no less than the season’s must-have fashion.

South Africa

In 2022, South Africa’s Financial Sector Conduct Authority embraced crypto with the élan of a debutante at her first ball, labeling it a financial product, thereby placing it under the glamorous Fourth Wall of the Financial Advisory and Intermediary Services Act.

Since then, licenses galore have been issued with the flamboyance of a flapper’s feather boa, and international crypto firms have planted their flags like eager gardeners. As of the month of roses, a charming partnership between QR payments and Bitcoin payments firms now allows South Africans to pay with crypto in an impressive array of over 650,000 storefronts.

“Practical challenges,” quoth Finance Minister Enoch Godongwana, “if cryptocurrency is viewed as money.” Rather like pondering whether a dashing young suitor is truly available, wouldn’t you agree?

Mauritius

In a move as calculated as a final bow, Mauritius in February 2022 waltzed into legislative splendor with the Virtual Asset and Initial Token Offering Services Act, creating a comprehensive framework akin to the well-arranged set of a well-documenté house.

While vendors of tokens, wallets, exchanges, and custodians bow to the Financial Services Commission, the act’s standards shine as brightly as the Combined Services of any grand ball.

Botswana

Botswana’s Virtual Assets Act of 2022, observed from a regulator’s balcony, orchestrated VASPs under the watchful eye of the Non-Bank Financial Institutions Regulatory Authority.

Though the central bank proclaims “minimal” risk-a sentiment reminiscent of the understated elegance of understudies-additional regulations await like an encore performance.

Nigeria

In April 2025, Nigeria, with the poise of a queen, formally recognized crypto assets, drawing first-time applause with the Investment and Securities Act.

The act, addressing VASPs and exchanges, has refined its definitions with four regulatory categories, like choosing the right combination of pearls and gems around one’s wrist.

Seeming to whisper promises to international players, they remain “open for business,” just as a host with too few invitations might plead for more guests.

Namibia

In 2023, Namibia enacted the Virtual Assets Act, a framework prescribing guidelines for VASPs as gracefully as a conductor leads an orchestra.

The dual licensing model, like many a romance, commences in a provisional steed before arriving at its full bloom.

Tanzania

By 2024, Tanzania passed the Finance Act, introducing a 3% tax on digital asset exchanges as one would cautiously approach a favorable weather report before a proposed ball.

This act marks a departure from previous hardline prohibitions, much like a recalcitrant dance partner eventually joining the fray.

Seychelles

In August 2024, the Seychelles, enjoying its heyday as a financial free spirit, passed the VASPA. Requiring licenses like one mustn’t attend the opera without a ticket, the authority closed ranks on tax evaders and freewheelers alike.

“We’re seeing 31% of blockchain funding,” a Tech in Africa report declares, “like spotting a sprightly debutante at her dance debut.”

Kenya

On October 13, in the Kenyan parliament, a bill regulating digital assets shuffled into promenade, with Treasury Cabinet Secretary John Mbadi orchestrating with an air of resolute decorum.

“We aim,” confirmed Kuria Kimani, “to be the continental gateway, like the fine shaft of light that lets on budding parties.” Indeed, cryptocurrencies have become the talk of the youth, akin to secret admirers whispering sweet nothings in the ballroom.

Rwanda

In March 2025, the National Bank of Rwanda, hand in glove with the Capital Markets Authority, introduced regulations as cautiously as if one might navigate a dance floor riddled with missteps.

With a ban on the likes of mining and ATMs, these measures reflect the vigilance of a chaperone foreseeing misadventure – though few would wish to spoil the youthful fervor for innovation.

“The key concern,” muses Carine Twiringiyimana, “is that virtual assets bear the courtship of money laundering like our charming suitors.” Thus, regulations, they assure us, are but safeguards for the eager dance.

2025-10-25 16:08