South Africa’s leading crypto exchange, Luno, has announced it has surpassed 6.3 million registered users, marking one of the strongest adoption surges in Africa’s digital-asset space.
The platform added over 530,000 new users in the past year, demonstrating a shift in South Africans’ view of cryptocurrency — from speculative trading toward mainstream financial use.
From Speculation to Practical Adoption
Luno’s growth comes amid a global market rebound and a steady increase in local consumer confidence in crypto’s long-term utility.
The company attributes this expansion to:
- Improved financial literacy around blockchain technology,
- Integration of crypto payments into e-commerce and fintech platforms, and
- Regulatory clarity through South Africa’s Financial Sector Conduct Authority (FSCA).
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The FSCA’s ongoing licensing of Crypto Asset Service Providers (CASPs) has given users more confidence to hold and transact with crypto through local exchanges.
The Broader African Picture
South Africa remains one of the top three African countries for crypto activity — alongside Nigeria and Kenya — and serves as a testing ground for regulated innovation.
With over US$25 billion in crypto transactions recorded in 2024, the country’s maturing infrastructure is fostering wider adoption across savings, remittances, and merchant payments.
What Industry Experts Are Saying
Luno’s Managing Director, Christo de Wit, emphasized that “crypto is no longer a niche investment. South Africans are using it as a gateway to global finance.”
Analysts note that local demand is increasingly driven by inflation hedging, cross-border trade, and stablecoin-based savings, reflecting broader regional trends.
Conclusion
The milestone cements South Africa’s position as Africa’s most mature crypto market, signaling that regulatory alignment and financial innovation can coexist — and even accelerate — mainstream adoption.
