The adoption of cryptocurrency (crypto) payments is surging in South Africa, reshaping the country’s financial landscape and positioning it at the forefront of a global digital revolution.

Recent data from FiveWest reveals a dramatic increase in the use of crypto for everyday transactions, underscoring the nation’s readiness to embrace innovative financial solutions. In just six months, the total transaction volume has soared by an impressive 26.50%.

Crypto assets were declared as ‘financial products’ under section 1 of the Financial Advisory and Intermediary Services (FAIS) Act on 19 October 2022.

Earlier this year the Financial Sector Conduct Authority (FSCA) confirmed that it had approved a total of 138 institutions to be licensed as Crypto Asset Service Providers (CASPs). The total number of applications received to date is 383.

In sub-Saharan Africa, the crypto economy comprises 2.3% of global transactions (July 2022 to June 2023), with $117.1 billion in on-chain value. Despite its small size, key populations in countries such as Nigeria (second on Chainalysis’s Global Crypto Adoption Index), Kenya (21), Ghana (29), and South Africa (31) show significant crypto adoption.

A 2022 study by Triple A indicates that 9.44% of South Africa’s population owns crypto assets, with an expected 43% usage by 2030.

The call for regulation has certainly come a long way and it is going to be a complex situation keeping up with the regulatory environment as the landscape is changing continuously.
The Crypto Assets Regulation and Compliance Conference will take place on 12 & 13 March 2025.

This conference differs from other crypto or blockchain events as it focuses solely on regulatory governance, compliance and risk, and explores the role of bank, service providers and government in adopting and establishing the role of players in the crypto assets eco-system.

The aim of the conference is to bring together crypto asset and blockchain providers, financial intermediaries, transaction processors, trading platforms, payment and wallet providers, government and banks to discuss, network and learn from one another as well as the expert speaker panel.

The programme will cover issues such as : How digital assets are transforming financial markets, regulation and the reporting framework, risks banks are facing, AML, cross border financial flows, compliance issues and technology.

The conference is taking place hot on the heels of our very successful annual AML & Financial Crime Southern Africa Conference which was attended by nearly 300 people.
Mark your calendars for 12 & 13 March 2025 and secure your spot at this premier crypto event.

We invite all potential delegates to this important industry event.