The Head of Events and Education at the Chamber for Digital Assets and Blockchain Innovations, Elisha Owusu Akyaw, has projected a faster adoption of virtual assets across Africa’s trading and digital finance ecosystem, citing improving regulatory frameworks and growing industry participation.
He pointed to the passage of the Virtual Asset Service Providers Act, 2025 (Act 1154), developed through collaboration between the Bank of Ghana, the Securities and Exchange Commission Ghana, and the Financial Intelligence Centre Ghana, which provides for the registration and licensing of Virtual Asset Service Providers (VASPs) as a key step toward formal integration of digital assets into the financial system.
Speaking on the sidelines of the 3i Africa Summit, he further noted that the earlier introduction of digital asset-related regulatory frameworks, including venture capital and digital asset guidelines, has contributed to growing stakeholder engagement in the sector, with increasing participation from companies exploring blockchain, cryptocurrency, and fintech solutions in Ghana.
According to him, the use of cryptocurrencies and stablecoins has already recorded early adoption trends in Ghana and across Africa, signaling the need for accelerated integration into mainstream payment systems to support cross-border trade and financial innovation.
He described the emerging regulatory environment as a forward-looking development that provides clarity, strengthens consumer protection, and enhances confidence among industry players.
“I don’t think it’s going to take so long because we have already embraced it to an extent. People are using cryptocurrency and stablecoins. Regulation provides clarity, it protects consumers, and it also allows the industry to operate with certainty,” he said.
He added that while adoption is already underway, the next phase will be marked by rapid acceleration, driven by existing real-world use cases and increasing institutional engagement in digital asset ecosystems.
Africa has emerged as one of the fastest-growing regions globally for virtual asset adoption, driven largely by mobile-first financial systems, remittance needs, and gaps in traditional banking infrastructure.
According to Chainalysis data, Sub-Saharan Africa recorded over $205 billion in on-chain crypto value between July 2024 and June 2025, representing a 52% year-on-year increase, making it one of the fastest-growing crypto markets in the world. A significant share of this activity is utility-driven, with stablecoins accounting for about 43% of total crypto transaction volume in the region due to their use in payments, savings, and cross-border trade.
Adoption is also increasingly concentrated in real-world payments rather than speculation. Recent studies show that Africa has over 54 million digital asset users, with stablecoins becoming the preferred tool for cross-border settlements and remittances because of high inflation and expensive international transfer fees, which average around 7.9% per transaction for $200 remittances in Sub-Saharan Africa.
In countries such as Nigeria and South Africa, stablecoin usage is now embedded in everyday commerce, with surveys indicating that up to 80% of users hold stablecoins and a majority express willingness to receive payments in digital dollars.
Looking ahead, the future of virtual assets in Africa is expected to shift from adoption to infrastructure integration. Regulatory clarity is improving across several jurisdictions, with countries introducing Virtual Asset Service Provider (VASP) frameworks to formalise the sector and attract institutional participation.
Analysts like Owusu Akyaw project that stablecoins will increasingly serve as the backbone of cross-border African payments, while fintech partnerships and blockchain networks such as Flutterwave-linked systems and regional payment rails are expected to reduce transaction costs, improve settlement speed, and support the African Continental Free Trade Area (AfCFTA).
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