Roqqu, a cryptocurrency exchange based in Nigeria, has been granted approval by South African regulators to expand its operations.
Roqqu, a cryptocurrency exchange based in Nigeria, has been granted approval by South African regulators to expand its operations. This development will allow Roqqu to offer its services to a wider audience in South Africa and represents a significant step in the company's growth strategy. The approval from the South African authorities demonstrates Roqqu's commitment to meeting regulatory requirements and adhering to industry standards as it seeks to establish itself as a leading player in the African cryptocurrency market.
As of January, Roqqu Exchange boasts an impressive 1.4 million active customers and received a virtual currency licence for the European Economic Area, enabling it to operate in 30 countries. This approval followed two years of regulatory authorities' evaluation, indicating the company's rigorous compliance with industry standards.
The exchange's primary focus is on facilitating cross-border transactions through cryptocurrencies, with a specific emphasis on African countries. Benjamin Onomor, Roqqu's CEO, noted that Africans in the diaspora send over $5 billion annually to their families back home, often experiencing significant stress and waiting times before their loved ones receive the funds. He further remarked on the critical role that these remittances play in supporting the daily needs of many African families.
Cryptocurrency adoption in the Middle East and North Africa is growing rapidly, as evidenced by data from Chainalysis. These regions transacted over $566 billion in cryptocurrencies between July 2021 and June 2022, a significant increase of 48% compared to previous years.
In light of Roqqu Exchange's recent approval for a licence in South Africa, it is evident that the company is expanding its reach and presence across the African continent. As a result, there is a growing interest in the African crypto project and its potential to drive economic growth and financial inclusion. Roqqu Exchange's commitment to facilitating cross-border transactions through cryptocurrencies can significantly benefit African countries, reducing barriers to financial access and improving the lives of millions.
Can you share with us your perspective on the recent license approval granted to Roqqu Exchange in South Africa? Additionally, we would be interested in hearing more about your cryptocurrency project in Africa. Please feel free to reach out to us at sales@cryptoafricanow.com.