Around 7.8 million South Africans used cryptocurrency platforms in the first six months of 2025, reflecting the widening adoption of digital assets in the country, according to a report by Discovery Bank.

More than two-thirds of those surveyed said they were “roughly familiar” with crypto, the report said, with mobile-first platforms playing a key role in broadening consumer access. The result is that South Africans increasingly see cryptocurrencies as an investment option to supplement traditional assets like stocks and properties.

South Africa regulates crypto as a financial instrument and taxes consumer’s gains and losses as part of the usual income assessments. Only Nigeria’s crypto market is larger than South Africa’s in sub-Saharan Africa, according to data firm Chainalysis, with growth in business-to-business transactions emerging as a crucial driver for adoption.