South Africa has become the first African nation to issue a license for a cryptocurrency exchange, according to Odaily. The country began exploring a regulatory framework for cryptocurrencies in 2021, aiming to implement final regulations by 2022.
According to a Statista report, South Africaâs cryptocurrency market is projected to generate $246 million in revenue in 2024, with a compound annual growth rate (CAGR) of 7.86% from 2024 to 2028, reaching $332.9 million by 2028.