South Africa was the first African country to license cryptocurrency exchanges. In 2021, the country explored a separate regulatory framework for cryptocurrencies and plans to implement it by 2022, with the goal of introducing final regulations that year. According to a report by Statista, the South African cryptocurrency market is expected to reach $246 million in revenue in 2024 with an annual growth rate (CAGR 2024-2028) of 7.86% and reach $332.90 million by 2028.