Latest News

Crypto Adoption Grows In South Africa With 36% Showing Massive Interest

Crypto growth and adoption sees massive spread across the world. Its now a common discussion among institution and individuals. Despite the criticisms the industry receives daily, there’s still lore record of mass adoption.

The crypto space has the support of many influential people like Elon Musk. In September 2021, El Salvador legally chooses to recognize Bitcoin as a legal tender, becoming the first country to take that path.

Africa and Crypto Industry

So, South Africa is among the leads the chart of countries in crypto adoption in Africa.
Notably, The country has the most massive regulatory framework on forex trading in the whole continent.

Meanwhile, its only FSCA-regulated forex brokers can legally operate in SA.
Furthermore, regulators in the country lately isn’t focusing only on forex trading on.

Currently, the nation recognizes crypto investments as taxable assets. More so, the country records a massive increase in activities.

KLA’s account manager Tessa Nowosenetz makes a study on South African crypto behaviors and sentiment. More so, KLA is a firm that specializes in data and market research.

KLA Studies Adoption In South Africa

KLA research reveals that 15% of South Africans own cryptocurrencies. Arguably, this ranks second worldwide, meaning its the second-highest globally.

However, the data shows that investment amount is low despite the big investor’s percentage. This can show that South African investors are merely running experiments on crypto investment.

Survey data shows, 25% of South African adults hold cryptocurrencies between $7 (R100) and $67 (R1,000). While, People holding cryptocurrency worth between $67 (R1,000) and $670 (R10,000) amounts to 13%. Meanwhile, 6% of the investors own between $670 (R10,000) and $3,350 (R50,000).

However, Only 3% of the investors own cryptocurrency worth over $3,350 (R50,000), which according to the ZAR to BTC exchange rate currently equates to owning 0.0777 BTC.

Interestingly, 36% of South Africans plans to move into crypto investments in the future. This shows a great positive interest in crypto investments in the country.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.