One hard part of running crypto businesses in most African economies is dealing with regulation. The continent's largest economies, Nigeria, South Africa and Kenya are guilty of inadequate or no laws to watchdog and foster the adoption the digital currencies.
Crypto is so big that if Bitcoin were a company, it’d not just be larger than every publicly traded bank in the world, but also be a top 10 component in the S&P 500. The value seems limitless, but crypto exchanges in Africa are hurdled by slow and insufficient regulation.
As Nigeria's central bank still makes life harder for crypto startups operating in the country, so are the regulators in South Africa dragging their feet. The uncertainty and reproach has made it harder for the said firms to seamlessly do business and thrive.
Because of the situation, Revix—a crypto investment platform—was storied to be relocating to the United Kingdom. The Cape Town-based firm was reported to be leaving South Africa for London. But, it seems details of the development were either hushed or misunderstood.
Expanding, not relocating
"We actually aren't moving our headquarters. Our main office has always been in the United Kingdom," says Revix Chief Executive Officer, Sean Sanders.