South Africa’s Cryptocurrency Market Revenue Expected to Reach $246 Million in 2024

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South Africa became the first African country to issue licenses for cryptocurrency exchanges. In 2021, the country began exploring a separate regulatory framework for cryptocurrencies, with plans to implement it by 2022, aiming to establish final regulations within that year.

According to a report by Statista, revenue from South Africa’s cryptocurrency market is projected to reach $246 million in 2024. The market is expected to grow at a compound annual growth rate (CAGR) of 7.86% between 2024 and 2028, reaching $332.9 million by 2028.

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