Yellow Card has launched a comprehensive report that looks at the state of digital asset regulation in Africa.
With over 54 million digital asset users across Africa, the report is the first to offer a continent-wide comparative analysis of crypto regulation. The report reveals that Sub-Saharan Africa leads the world in stablecoin adoption. Countries such as Nigeria, South Africa, and Kenya have made significant legislative progress. Yellow Card’s legal and policy team also outlined Kenya’s bold new regulatory roadmap.
According to the report, Nigeria ranks #1 globally for stablecoin adoption and #2 for overall crypto adoption, with 25.9 million users. This represents an 11.9% penetration rate. The country has undergone rapid regulatory shifts, moving from bans to formal frameworks under the Securities and Exchange Commission.
Kenya has Africa’s Most Progressive Draft Law
Kenya’s Virtual Asset Service Provider (VASP) Bill, currently under public participation, has been recognized as one of the continent’s most progressive. The law differentiates stablecoins from speculative crypto assets and introduces a dual-regulator model (CMA + CBK), fit-and-proper tests, capital requirements, and consumer protections. Edline Murungi emphasized the significance of this approach during her address:
“Regulators across Africa vary—from maintaining bans to creating sandboxes or enacting full laws. Kenya’s draft bill stands out for recognizing both the investment and payment aspects of digital assets,” she noted.
According to Yellow Card, here’s how the continent shapes up:
| Category | Countries |
| With Regulatory Frameworks | Nigeria, Botswana, Mauritius, Namibia, Seychelles, South Africa, CEMAC |
| Developing Frameworks | Kenya, Ghana, Rwanda, Ethiopia, Morocco, Tanzania, Uganda, Zambia, WAEMU |
| No Framework / Despite Adoption | Egypt (crypto banned), DRC, Malawi, Zimbabwe |
“In many jurisdictions, digital assets remain unregulated—even where user adoption is significant,” said Murungi. “The lack of legal clarity creates both opportunity and risk.”
You can download the Report on The State of Digital Assets Regulation here.
Also Read: Yellow Card’s Insights on Digital Assets Regulations in Kenya
