Crypto Exchange Roqqu Granted Regulatory License in South Africa

• The company’s goal is to amass 5 million customers by 2023 end.
• Roqqu plans to expand to Ghana, Uganda, Kenya, and Tanzania in the near future. 

According to reports from South African media outlets, the Nigerian cryptocurrency exchange Roqqu has been given a regulatory license to operate in the nation, enabling users to buy and sell cryptocurrencies using the local fiat currency, the South African rand. 

Roqqu’s focus on South Africa is indicative of the importance it places on consolidating its position as Africa’s preeminent exchange. The company’s goal is to amass 5 million customers by 2023 end, and it highlighted South Africa as a key region for its expansion.

Rising Crypto Adoption

Moreover, Roqqu plans to expand to Ghana, Uganda, Kenya, and Tanzania in the near future.  Since its launch in January, when it also obtained a virtual currency license for the European Economic Area, allowing it to operate in over 30 countries, Roqqu has claimed to have over 1.4 million active clients. It took the exchange two years to get approval from local regulators. The primary focus of the exchange is to facilitate cryptocurrency-based international trade between African nations.

Roqqu CEO Benjamin Onomor stated:

“Africans who live and work in [the] diaspora send over $5 billion yearly back home; they do so with so much stress and have to wait days in some cases before the funds get to their family members in Africa.” He continued: “This is an issue as many families depend on this remittance for critical needs such as food and shelter.”

With over $566 billion in cryptocurrency transactions between July 2021 and June 2022, up 48% from the previous year, the Middle East and North Africa is the fastest-growing area in the world for crypto adoption, according to data from Chainalysis.

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