Many African countries have great potential to be major participants in the scene of digital assets. Thanks to progressive rules and growing platforms like VALR, a Johannesburg-based crypto exchange, South Africa in particular is rising as a leader in the bitcoin scene. Despite growing regulatory compliance expenses, experts feel the area is ready for notable increase in usage of digital assets.
Ben Caselin, chief marketing officer of VALR, claims that South Africa presents a special entrance to the larger African market, offers a stable legal framework and an independent court, which appeals to companies. Caselin underlined that starting a business in South Africa is really easy, which supports their role as a digital asset center even more.
A significant turning point for the exchange came recently when South Africa’s Financial Sector Conduct Authority (FSCA) granted VALR fresh licenses. Following $55 million in equity financing from big investors including Pantera Capital and Coinbase Ventures, VALR obtained Category I and II crypto asset service provider (CASP) licenses. These licenses let the exchange to function more freely inside the legal system, therefore confirming its course of expansion.
With an anticipated compound annual growth rate of 7.86%, we project the South African bitcoin industry will bring in $246 million in income by 2024. Reflecting the increasing interest and investment in the digital asset area throughout the region, we estimate the market will reach $332.9 million by 2028.
The region may become a major actor in the worldwide digital asset market as more African countries start implementing crypto-friendly laws. Other developing nations in the area are probably going to follow South Africa’s lead, therefore helping Africa to become a digital asset powerhouse.
