Product Marketing ManagerMOSS
Co-Founder & CEORetail CX Lab
Co-founder & PresidentMonart
Founder & General ManagerPortus Network
Head Of Design & Marketing SpecialistGallant Token
The South African market for cryptocurrencies is a fickle one, since it has been hit by a series of scandals that placed the entire industry of decentralized exchanges and currencies in jeopardy and moot territory in terms of regulation. Crypto marketing in South Africa has also been affected by the conundrum as projects are now obliged to comply with an entirely new set of regulations that make the purchase and sales of digital assets problematic. Based on the most recent regulatory frameworks, all currency and exchange operations within South Africa are regulated by the South African Reserve Bank. Essentially, all financial institutions operating on the South African market are required by law to comply with the regulations of the SARB. Should a project or financial institution fail to do so, it may lose its operating license within the country. To make sure that all cryptocurrency operations are in line with its regulatory framework, the SARB has announced that all cryptocurrency investment processes are now subject to the Exchange Controls Regulations, specifically Regulation. The new Regulation – 10(1)(c) states that all movement of capital outside of South Africa is to be deemed as exportation and such an act carried out without the explicit consent of the National Treasury is unlawful. When it comes to cryptocurrencies, all transactions of withdrawal of cryptocurrencies are thus seen to be unlawful by the SARB. The result was the ban on the purchase of cryptocurrencies via credit or debit cards inside of South Africa. Such a state of affairs has placed crypto promotion in South Africa in a difficult situation, forcing projects to scramble to both comply with the new requirements and to find ways of attracting liquidity and capital in light of the new restrictions.
The crypto PR tools in South Africa are all the same as outside the country, meaning they involve the same instruments employed on other markets. The media is not as advanced in South Africa, but crypto ads in South Africa are common and can be found across virtually all social media networks operating inside the country. When seeking public relations connections, projects tapping the South African market should not strive to reach high profile publications, as the bulk of the investors are retail investors, who are ready to inject their funds into projects in hopes of improving their financial situations on token price hikes. As such, projects seeking PR in South Africa should rely on social network rapport with potential users through dedicated chats and forums, where they can post easy-to-read and comprehensive materials that will be accessible to average users and target audiences.
The main marketing strategies that can be employed in South Africa all start from the same founding pillar of analysis and market exploration. Before taking on the South African market, projects must first identify their niches and target audiences that will be willing to engage in the application or service. Projects should understand that the South African market is actually very wealthy when it comes to investments in cryptocurrencies, and Bitcoin, for instance, found its highest price in the country on local exchanges during its recent rally. The first and most important step when tapping into the South African market is deploying comprehensive community management that will include communication with users in their native tongues. Given the abundance of local languages, having good community managers capable of explaining the essence of a project and its potential is vital. The next step is the launch of ad campaigns that must encompass all the local social networks and the most popular ones like Facebook and all the others frequented by South African users. It is these networks that will be generating organic traffic and ensuring both liquidity and user flows into the project.
African markets are largely untapped by the majority of decentralized projects, as the latter are either afraid or unwilling to risk venturing into markets that they are not familiar with. The Flexe.io agency has an abundance of experience of working on a variety of markets and offers blockchain-based projects the opportunity to tap into the vast and highly liquid South African market that has numerous possibilities for project deployment and scaling. With its wealth of experience and testimonials, the Felxe.io agency team can help projects reach millions of unbanked and potential users across the South African market with a host of over 30 services at cost-effective rates and high guarantees of success.
The South African market is a treasure trove of opportunities for decentralized businesses. The Flexe.io agency offers its clients the opportunity to access the market and expand using a variety of effective and affordable services.