Nigeria, once regarded as Africa’s cryptocurrency leader, is facing growing pressure from rival markets as Kenya, South Africa and Ghana adopt regulatory approaches that industry players say are more attractive to investors and startups.
While Nigeria’s Securities and Exchange Commission (SEC) has introduced one of Africa’s toughest licensing regimes, Kenya has moved in the opposite direction by lowering the capital requirement for stablecoin issuers after consulting industry stakeholders. South Africa continues to expand its regulated digital asset market, while Ghana is also advancing a regulatory framework that many see as more accommodating for innovation.
The contrasting approaches are reshaping competition for crypto investment, talent and global digital asset companies across Africa.
Read also: Towards bridging the regulatory rift inside Nigeria’s dual-track crypto sandbox
Kenya last week cut the minimum paid-up capital requirement for stablecoin issuers by 40 percent to KSh300 million from KSh500 million proposed in draft regulations released in March.
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