Africa Crypto News Week in Review: ABSA and Ripple Join Hands, Central Bank of Ghana Crypto Regulations; Blockchain.com Seeks License in Nigeria

One of the largest banks in Africa, ABSA Bank, is partnering with Ripple to provide custodial services on the Ripple blockchain. This announcement is another significant moment in mainstream financial institutions’ crypto adoption.

The central bank intends to roll out crypto regulations in Ghana by December. Ghana is joining several major countries on the continent in enacting similar legislation.

Meanwhile, Blockchain.com is seeking a crypto exchange license from Nigeria’s Securities and Exchange Commission. This decision comes weeks after the platform chose Nigeria as its regional hub.  

Let’s look at these stories making continental headlines this week:

South Africa Crypto News: ABSA Bank partners with Ripple

South African banking giant ABSA Bank is partnering with Ripple to allow users to store crypto and digital assets on the Ripple blockchain. This move is another significant embrace of crypto by mainstream finance institutions.

ABSA customers can now store crypto on Ripple and have integrated tools to manage their digital assets.

Reece Merrick, Ripple’s managing director for the Middle East and Africa, said the partnership is a “major shift” and underscores their commitment to unlocking crypto’s potential.

“Africa is experiencing a major shift in how value is stored and exchanged, and our partnership with Absa underscores Ripple’s commitment to unlocking the potential of digital assets on the continent.”

The bank is betting on the young, digital asset-friendly customer base to embrace this usage. Established institutions like ABSA are banking on such partnerships to target a broader demographic and keep up with finance trends.

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Ghana Crypto News: Central Bank to Introduce Regulations by December         

The Central Bank of Ghana (CoG) intends to roll out crypto regulations by December 2025. Ghana is joining similar trends on the continent, with countries like Nigeria and Kenya having recently enacted crypto legislation.

CoG Governor Johnson Asiama gave the timeline at a recent IMF event. He explained the rationale for the legislation as follows:

“We have put together the regulatory framework and have a new bill to regulate virtual assets. That bill is on its way to parliament. Hopefully, before the end of December, we will be able to regulate cryptocurrencies in Ghana.”

Given the growing size of crypto markets globally,  regulation is receiving increasing attention. The amount of money flowing into the crypto, buying some of the best coins like Solana or Cardano, is in the billions. As such, regulators want to have visibility on this movement.

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Nigeria Crypto News: Blockchain.com Seeks Regulatory License

International crypto platform Blockchain.com is seeking a crypto exchange license from the Nigerian Securities and Exchange Commission (SEC). This move comes weeks after the platform chose Nigeria as its regional hub.

Owenize Odia, the General Manager for Africa at Blockchain.com, said Nigeria is an important market and compliance is fundamental to their operations.

“Nigeria is a very important market for Blockchain.com. Compliance is fundamental to how we operate. We engage regulators openly, and in Nigeria, we have met with the SEC and applied for the appropriate license.”

Blockchain.com already holds licenses in multiple jurisdictions and is looking to regularize its operations in Nigeria. The country passed a Securities law earlier in the year requiring fintech institutions to comply with specific requirements, including licensing.

The crypto financial services company also intends to build trust with the country’s crypto commitment and show commitment to long-term involvement in this market.

They are also establishing a physical office in Nigeria that will act as a regional hub, boosting customer engagement and partnerships.

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The post Africa Crypto News Week in Review: ABSA and Ripple Join Hands, Central Bank of Ghana Crypto Regulations; Blockchain.com Seeks License in Nigeria appeared first on 99Bitcoins.

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