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Home Cryptocurrency

South Africa leads Africa’s blockchain with 38% crypto growth in 2024

Abimbola Samuel by Abimbola Samuel
May 15, 2025
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SiBAN President urges regulation for Blockchain Integration
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South Africa has positioned itself as a leading force in the African cryptocurrency system, which is shaped by high adoption rates, a proactive regulatory stance, and rapid developments in cryptocurrency usage and blockchain innovation.

The country is recognised as a key player in the global digital currency market.

Growth rate and adoption in South Africa

In 2024 alone, the number of crypto users in the country increased by 38 percent, reaching 13.9 million. As a result, the country ranks among the top 30 countries globally in cryptocurrency adoption.

Notably, the region has the highest Bitcoin adoption rate in the world, and the market is projected to generate substantial revenue, estimated at US$373.5 million in 2025.

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Starting in late 2023, stablecoins became more popular than Bitcoin in transaction volume. This trend reflects a preference for the stability offered by stablecoins in a market where the local currency can experience fluctuations at any time.

Meanwhile, the authorities in the country continue to adopt a strict regulatory approach to cryptocurrencies. Crypto assets are classified as financial products under the Financial Advisory and Intermediary Services Act (FAIS).

The Financial Sector Conduct Authority (FSCA) oversees the regulation of Crypto Asset Service Providers (CASPs), ensuring compliance with licensing requirements and consumer protection measures.

As of December 10, 2024, the FSCA had received 420 CASP license applications, approving 248 and declining nine, demonstrating a significant move towards formalising the industry.

Additionally, the Financial Intelligence Centre (FIC) is formulating rules to combat money laundering and the financing of terrorism (AML/CFT) within the crypto sector.

These rules require CASPs to register as accountable institutions and implement measures like Customer Due Diligence and the Travel Rule.

The implementation of the Travel Rule began on April 30, 2025. Binance has also adopted stricter compliance rules for crypto transfers to align with local regulations.

The nation is at the forefront of DeFi innovation in Africa, with major banks exploring partnerships with DeFi platforms. The South African Reserve Bank (SARB) has expanded its CBDC pilot project, known as Project Khokha, to assess the retail use of a digital rand and enhance cross-border payments.

Also, they partnered with other Southern African Development Community (SADC) nations to develop a blockchain-based cross-border payment system. Blockchain technology is also being explored for applications in agriculture through smart contracts.

However, South Africa’s share of global blockchain venture capital funding saw a decrease in the first half of 2024, the country still ranks third in Africa for blockchain VC funding.

NFTfi, a South African-based NFT lending platform, secured a significant investment round. The African Blockchain Report 2024 noted South Africa’s pioneering role in crypto regulation.

Education sector leads in crypto adoption efforts

Several universities, including the University of Cape Town, University of Pretoria, Stellenbosch University, and University of Johannesburg, are incorporating blockchain and cryptocurrency into their curricula.

Initiatives like Bitcoin Ekasi are focused on financial literacy and Bitcoin education within local communities. Tether has also collaborated with Xion Global to enhance blockchain education across the country.

The South African National Blockchain Alliance (SANBA) is a collaborative network that drives innovation and supports policy development in the blockchain space.

Lastly, the region is expected to continue leading the African digital finance growth, driven by its proactive regulatory environment and ongoing innovation in blockchain technology. Their commitment to fostering a secure and efficient digital economy positions it as a key hub for blockchain development and adoption on the continent.

Tags: African blockchainCryptoSouth Africa
Abimbola Samuel

Abimbola Samuel

Experienced crypto writer with 2+ years of expertise. Skilled researcher and analyst delivering high-quality articles. Providing insightful perspectives on the latest crypto trends.

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