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Crypto licensing in Africa has moved from warnings to written rules. This tracker covers six markets with a law in force that requires exchanges, wallets and other crypto businesses to hold a licence: Nigeria, Kenya, South Africa, Ghana, Namibia and Seychelles. Others, including Mauritius and Botswana, also have virtual asset laws and will be added. Nigeria and Kenya also license stablecoin issuers through their central banks. This tracker sets out the regulator, the law, the status and the next date in each, and we update it as each regime moves.
The pattern is consistent. Payment-type services such as wallets, payment processing and stablecoins go to the central bank. Exchanges, brokers and token offerings that look like investments go to the securities or conduct regulator. A typical retail app that offers an exchange, a wallet and a local currency on-ramp therefore needs two permissions. Foreign platforms are in scope where they target local customers, even without an office in the country.
The position at 9 November 2026.
| Market | Regulators and law | Status and next date |
|---|---|---|
| Nigeria | Central Bank of Nigeria for non-security virtual assets and stablecoins; SEC for securities-type tokens. CBN Regulations, November 2026 | In force 5 November 2026. Register by 5 December 2026; apply by 4 May 2027 |
| Kenya | Central Bank of Kenya for wallets, payments and stablecoins; Capital Markets Authority for exchanges and brokers. VASP Act 2025 | Transition ended 4 November 2026; licence required now |
| South Africa | Financial Sector Conduct Authority under the FAIS Act; FIC Act for AML | Licensing since 1 June 2023; 300 approved by 12 December 2025 |
| Ghana | Bank of Ghana and the Securities and Exchange Commission. Virtual Asset Service Providers Act 2025 (Act 1154) | Law passed December 2025; licensing being opened, with transition for existing firms |
| Namibia | Bank of Namibia. Virtual Assets Act 2023 (Act No. 10 of 2023) | Operational since 25 July 2023 |
| Seychelles | Financial Services Authority. Virtual Asset Service Providers Act 2024 | Transition ended 31 December 2024; licence required |
The Central Bank of Nigeria's Regulations for the Operations of Non-Security Virtual Assets took effect on 5 November 2026. They create six permissions, from naira and foreign-currency stablecoin issuer licences to an Other Services Licence for exchanges, wallets, gateways and peer-to-peer platforms, and they apply to activity directed at persons in Nigeria from abroad.
| Item | Rule |
|---|---|
| Stablecoin issuer capital | ₦10 billion (naira coin) or ₦15 billion (foreign-currency coin) |
| Exchange, custody and other services capital | ₦1 billion, separate from any SEC capital |
| Reserves | One to one, plus 2% overcollateralisation, 40% in cash or high-quality liquid assets |
| Dollar coins | Only through a Nigerian company with a Class 2 licence |
| Existing firms | Register by 5 December 2026, report by 4 January 2027, apply by 4 May 2027 |
Our Nigeria crypto and stablecoin licence guide covers the rules in full.
Kenya's Virtual Asset Service Providers Act 2025 came into force on 4 November 2025, and the one-year transition ended on 4 November 2026. The VASP Regulations 2026, Legal Notice No. 134 of 2026, set the licence categories and capital. The Central Bank of Kenya licenses wallet providers, payment processors and stablecoin issuers; the Capital Markets Authority licenses exchanges, brokers, advisers, managers and token offerings.
| Licence | Regulator | Paid-up capital reported |
|---|---|---|
| Stablecoin issuer | CBK | KES 300 million |
| Wallet provider | CBK | KES 150 million |
| Exchange | CMA | KES 100 million |
| Payment processor | CBK | KES 10 million |
| Broker | CMA | KES 10 million |
The capital figures are those reported by Kenyan law firms reviewing the Regulations. Our Kenya VASP licence guide explains the application.
South Africa declared crypto assets a financial product under the Financial Advisory and Intermediary Services (FAIS) Act, and the Financial Sector Conduct Authority (FSCA) began licensing crypto asset service providers on 1 June 2023. In its update of 15 December 2025 the FSCA reported 512 applications, of which 300 had been approved, 14 declined and 121 withdrawn. Declines were mainly for not meeting the fit and proper rules on operational ability, such as unclear business plans, and on competence in crypto assets.
Licensed providers are also supervised for AML under the Financial Intelligence Centre Act. The FSCA carried out its first 10 AML inspections in early 2025, planned 30 more to March 2026, and had opened 81 investigations into unlicensed providers. Key individuals had to pass the regulatory examinations by 30 June 2025. Our South Africa FSP licence page explains the FAIS route.
Ghana's Parliament passed the Virtual Asset Service Providers Act 2025 (Act 1154) in December 2025. The SEC's notice of 29 December 2025 states that every person conducting virtual asset activities must be licensed or registered by the SEC or the Bank of Ghana, depending on the activity. The SEC takes exchanges, trading platforms, issuance, tokenisation, exchange-traded funds, managers, advisers and brokers. The Bank of Ghana has set up a Virtual Assets Department to regulate the payment-type side.
The regime is still opening. In February 2026 the Bank of Ghana and the SEC ordered firms to take down crypto and stablecoin billboards and said existing providers would apply under transitional arrangements once the regime is operational. Firms serving Ghana should hold their current scale, avoid mass marketing and prepare a file for the regulator their activity falls under.
Namibia. The Virtual Assets Act 2023 (Act No. 10 of 2023) became operational on 25 July 2023, according to the Bank of Namibia, which the Minister designated as the regulator. The Bank licenses and supervises virtual asset service providers and initial token offering providers. Virtual currencies are not legal tender.
Seychelles. The Virtual Asset Service Providers Act 2024 commenced on 1 September 2024. The Financial Services Authority required firms already operating to file a complete application by 31 December 2024 or stop from 1 January 2025. Exchanges, wallet providers, brokers and investment advisers need a licence, and coin offerings and NFT issues need registration. Seychelles matters beyond its size because several large global exchanges have been incorporated there.
Two markets now license stablecoin issuers directly. Nigeria has the most detailed rules: Class 1 and Class 2 issuer licences, ₦10 billion and ₦15 billion of capital, one to one reserves with a 2% buffer, and redemption by the next business day. Kenya places stablecoin issuance with the Central Bank of Kenya, with KES 300 million of capital reported. Both expect a local company and local reserves arrangements for coins offered to local users.
Elsewhere, stablecoins are treated as virtual assets under the general regime, so the platforms that offer them need a licence even where no issuer rule exists. For issuers planning across several continents, our comparison of stablecoin licences by country compares Africa's rules with the UK, EU, US, Hong Kong, Singapore and the UAE.
The laws differ, but the files regulators turn down fall short in the same places. The FSCA's December 2025 update names two: business plans that do not clearly describe the crypto activity and the systems behind it, and key people who cannot show knowledge and experience of crypto assets. Nigeria's and Kenya's rules add detailed demands on capital, reserves and technology.
| Area | What regulators expect to see |
|---|---|
| Business plan | A clear description of each activity, the customers, the systems and three years of projections |
| People | Directors, owners and key staff assessed as fit and proper, with crypto experience |
| Local presence | A local company where required, with management and control functions in the country |
| Capital | Paid-up capital in the local currency, kept separate for each regulator |
| AML | Risk assessment, customer checks, sanctions screening, blockchain analytics and travel rule data for transfers |
| Technology | Security testing, custody controls, smart contract audits for issuers, and incident and continuity plans |
| Customers | Clear terms, complaint handling, risk warnings and fair marketing |
Marketing is an early test. Ghana's regulators ordered billboards taken down in February 2026, and Nigeria's rules bar promoting any activity before it is licensed. Firms entering Africa should treat advertising as a licensed activity from the first day.
The right first licence follows the customers. Each regime covers firms that target local users, so the market where the users are decides the licence, not where the company is incorporated.
| Business | Likely first step |
|---|---|
| Exchange or wallet serving Nigerian users | CBN Other Services Licence; SEC as well for securities-type tokens |
| Exchange serving Kenyan users with an M-Pesa on-ramp | CMA exchange licence plus CBK wallet or payment processor licence |
| Crypto platform for South African clients | FSCA licence under FAIS and FIC Act AML registration |
| Dollar stablecoin used in Nigeria | Nigerian Class 2 issuer entity, or no access after the transition |
| Global exchange incorporated in Seychelles | FSA VASP licence, plus local licences where it targets users |
Firms entering several markets should build one set of policies, technology evidence and governance documents and adapt them per regulator. Our guide to obtaining a crypto licence covers the common file.
Buckingham Capital Consulting has handled payments, e-money and cryptoasset licensing since 2013, obtaining authorisations for firms including Nexpay, Orbital, Dzing Finance and Hryze. Our crypto licensing team prepares applications in Nigeria, Kenya and South Africa and supports market entry across Africa, from the activity map and capital plan to the policy set and regulator meetings. Contact us to discuss your markets.
Nigeria, Kenya, South Africa, Ghana, Namibia and Seychelles have licensing laws in force, as do others including Mauritius and Botswana. Ghana's regime is still opening.
Generally yes where they target local customers. Nigeria's rules cover activity directed at persons in Nigeria, and Kenya's cover services provided in or from Kenya.
Nigeria, through Class 1 and Class 2 CBN licences, and Kenya, through the Central Bank of Kenya under the VASP Act 2025.
The FSCA had approved 300 of 512 crypto asset service provider applications by 12 December 2025.
Existing operators must file a complete application with the CBN by 4 May 2027, after registering by 5 December 2026.
Act 1154 became law in December 2025. The Bank of Ghana and SEC are opening the regime, and existing firms apply under transitional arrangements once it is operational.
Get in touch: +44 7563 115980 (phone and WhatsApp) or [email protected].
This article is general information, not legal advice. Requirements change, and the regulator’s own publications take precedence.
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