South Africa is the first African country to license cryptocurrency exchanges. In 2021, the country explored a separate regulatory framework for cryptocurrencies, which it plans to implement by 2022, with the goal of issuing final regulations that year.

According to a report by Statista, the South African cryptocurrency market is expected to reach $246 million in revenue in 2024, growing at an annual rate (CAGR 2024-2028) of 7.86% to $332.9 million by 2028.